| July 03, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Longtime industry professional Tom Griffo, whose career started with Thomson McKinnon Securities at the New York Commodities Exchange Center at 4 World Trade Center and led to his working for Cargill Investor Services when I met him, has retired. He has written a commentary about his career titled "The Futures Are My Past." Griffo, who studied English literature, journalism and U.S. history, tells his story well. Congratulations, Tom, on an unplanned but successful career.
Alex Harris of Bloomberg has a story titled "US Dollar Libor Is Dead! What It Was, What Comes Next." Well, that depends on who you ask, as there are competing indexes. SOFR, of course, or the "Secured Overnight Financing Rate." There is Ameribor, which is the "American Interbank Offered Rate," and the BSBY or the "Bloomberg Short-Term Bank Yield Index," and SONIA, or the "Sterling Overnight Index Average."
Mohamed El-Erian has written a commentary for the Financial Times titled "A defining moment for central banking" with the subheading "In the face of a stubborn trilemma of challenges, central banks need help to restore policy credibility."
The Financial Times reports that 37-year-old Victoria Amelina, "An acclaimed Ukrainian novelist and poet who began documenting Russian war crimes after Vladimir Putin launched his full-scale invasion has succumbed to injuries she sustained in a Russian missile attack on a crowded restaurant last week."
July 1 is what in baseball is known as "Bobby Bonilla Day" for the day that New York Mets pay former Mets player Bonilla $1.19 million/year as part of a deferred contract. In 2000, the Mets owed Bonilla $5.9 million on his contract. They cut a deal to defer paying him until 2011, but the principal had an interest rate of 8%, which was very generous. The Mets gave the generous interest rate because the then-owners had money invested with hedge fund manager Bernie Madoff and were allegedly making even more on their money. Instead, the Mets will have ended up paying Bonilla $29.7 million through 2035.
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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PRI in Person 2023 is October 3-5 in Tokyo at the International Convention Center PAMIR, Takanawa, Tokyo. Accommodations are at the Grand Prince Hotel Shin Takanawa. More than 1000 PRI signatories and other investment professionals from around the globe will be gathering at PRI in person to learn, exchange ideas and collaborate. An additional feature is a sustainable finance policy conference for policymaker and regulatory representatives, and regulatory affairs staff of PRI signatories on the morning of Oct. 3. Learn more about PRI in Person here. ~SAED
The most read stories last Friday in JLN Options were:
Day Trader Rush for Options Propelling Unusual VIX-Stock Swings
BlackRock launches its first 'buffer' ETFs for stock-market investors worried about a potential fall
Singapore Bids Libor Farewell With Surge in SORA Derivatives ~JB
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Paul McLaren of Enhance Your Options talks with JLN about going from theory to practice in options education
JohnLothianNews.com
JLN spoke with Paul McLaren, the president of Enhance Your Options, at the OIC Conference in Nashville in April. He talked about his background in and passion for education and how he started a training company specifically for options education.
Watch the video »
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How to Retire Better, From Retirees Who Learned the Hard Way
Veronica Dagher and Anne Tergesen - The Wall Street Journal
Thousands of Americans retire every day short on cash, friendships and plans. Many retirees say they realized too late how they could have prepared for a more financially secure and rewarding postwork life. They would have focused on saving more money to cover the higher cost of living. Or they would have put more time into building relationships, taking better care of their health or cultivating new pursuits.
/jlne.ws/3pCgPXx
***** The biggest mistake people make is lacking purpose. Money, that is always an issue. But life needs meaning.~JJL
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A 'Cage Match' Between Elon Musk and Mark Zuckerberg May Be No Joke
Ryan Mac and Mike Isaac - The New York Times
The day after Elon Musk challenged Mark Zuckerberg on social media to "a cage match" last month, Dana White, president of the Ultimate Fighting Championship, received a text. It was from Mr. Zuckerberg, chief executive of Meta. He asked Mr. White, who heads the world's premier mixed martial arts competition, which is fought in cage-like rings, if Mr. Musk was serious about a fight.
/jlne.ws/44bKZAe
***** Even if this happens, it will still be a joke.~JJL
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Musk says Twitter will limit how many tweets users can read
Reuters
Twitter is limiting how many tweets per day various accounts can read, to discourage "extreme levels" of data scraping and system manipulation, Executive Chair Elon Musk said in a post on the social media platform on Saturday. Verified accounts were initially limited to reading 6,000 posts a day, Musk said, adding that unverified accounts will be limited to 600 posts a day with new unverified accounts limited to 300.
/jlne.ws/3NvEEZ8
****** Slowly, with each move Musk makes, he is killing Twitter and opening the door wider for a competitor to take over. Already, some people are using LinkedIn more for sharing news rather than Twitter. ~JJL
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Summer in the City? Internships in the age of hybrid work; Half-empty offices cause frustrations for young people on placements
Akila Quinio and Rafe Uddin - Financial Times
After spending most of her university life at home due to the Covid pandemic, 22-year-old Martha Storey was looking forward to a summer placement at one of the UK's biggest financial services firms last year. But the experience was not what she had hoped for. "Most of the team lived outside of London and commuted in one or two days a week. I was living in a tiny flat that was baking hot, so it was sometimes unbearable to work from home," she said. "[But] there were some days when I was the only member of my team in the office. It made the office a lonelier place to be."
/jlne.ws/3JGoVoW
****** I can only imagine how frustrating internships at some firms must be these days. But then, JLN is fully working from home, so our interns have to learn to live and work in the world that is today, not yesteryear.~JJL
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ChatGPT in trouble: OpenAI sued for stealing everything anyone's ever written on the Internet
Mehul Reuben Das - Firstpost
A class action lawsuit has been filed against OpenAI, the creator of ChatGPT, claiming that the company's AI training methods violated the privacy and copyright of practically everyone who has ever shared content online. OpenAI gathered an enormous amount of data from various sources on the internet to train its advanced AI language models. These datasets consist of a wide range of materials, such as Wikipedia articles, popular books, social media posts, and even explicit content of niche genres. More importantly, OpenAI acquired all this data without seeking permission from the content creators.
/jlne.ws/3rgRkeQ
****** Now there is good old-fashioned common sense intelligence. ~JJL
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Friday's Top Three
Our top story Friday was a tie between the podcast and report from John Lothian, WH Trading Spawned a Social Justice Phenomenon in My Hood, My Block, My City in JLN, and Why Exchange Rebate Tiers Are Anti-Competitive from IEX. Second was The End of LIBOR Is (Finally) Here, from The New York Times. Third was the press release Exponential Exchange Launches Tradable Automotive Index for Used Vehicles, from Exponential Exchange.
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MarketsWiki Stats
27,358 pages; 245,540 edits
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| Lead Stories | Supercomputer makes calculations in blink of an eye that take rivals 47 years
James Titcomb - The Telegraph
Google has developed a quantum computer that instantly makes calculations that would take the best existing supercomputers 47 years, in a breakthrough meant to establish beyond doubt that the experimental machines can outperform conventional rivals. A paper from researchers at Google published online claims that the company's latest technology is "beyond the capabilities of existing classical supercomputers". Proponents of quantum computers say the technology, which relies on the peculiar states of quantum physics, can create hugely powerful machines able to battle climate change and create breakthrough drugs.
/jlne.ws/3r76IKJ
Crypto's Dream of an Embrace by China Gets a Reality Check
Bloomberg News
A shakeup at China's central bank has poured cold water on speculation that the nation may be about to loosen a ban on digital-asset trading. Industry executives including Circle Internet Financial Ltd. Chief Executive Jeremy Allaire have seized on Beijing's quiet backing of Hong Kong's push to become a crypto hub to argue that the mainland may reverse its policy. They got a reminder about the risks of such extrapolations when Pan Gongsheng was named the top Communist Party official at the People's Bank of China.
/jlne.ws/439hGgf
An 800% Stock Market Rally Puts Zimbabweans on Edge; The stock market is a refuge for local investors in a hyperinflation economy.
Ray Ndlovu - Bloomberg
In Harare, Zimbabwe, home to the world's biggest stock market rally, the gains come at break-neck speed: 5%, 10%, even 20% in a single session. Tally them up, and the market is up an astonishing 800% on the year. But in a country where up is often down and the next currency crisis is always just around the corner, the furious rally is a cause for concern, not jubilation. It's a tell-tale sign, market observers here say, that investors are bracing for an inflation spiral and seeking a hedge to protect the value of their money. Consumer prices are climbing at an annual pace of over 100%, sparking jitters in a nation where the scars of hyperinflation run deep.
/jlne.ws/3pyjl13
US Dollar Libor Is Dead! What It Was, What Comes Next
Alex Harris - Bloomberg
For half a century the series of interest rates known collectively as the London interbank offered rate, or Libor, has helped determine the cost of all sorts of borrowing around the world. But over the last decade it became seen as outdated and discredited, and a decision was made to kill off most versions of the benchmark at the end of 2021. The notable exception was US dollar Libor, which was published for the last time on June 30. In the years since the UK Financial Conduct Authority's declaration that Libor was ending, the financial world has raced to adjust the terms in contracts on hundreds of trillions of dollars' worth of products - from mortgages and credit cards to interest-rate swaps. Yet there are still corners of the system that have yet to transition, and Libor will continue to exist as a shadow of its former self.
/jlne.ws/438EQDs
He Spent $140 Billion on AI With Little to Show. Now He Is Trying Again; Billionaire Masayoshi Son said he would make SoftBank 'the investment company for the AI revolution,' but he missed out on the most recent frenzy
Eliot Brown - The Wall Street Journal
After global tech investor Masayoshi Son launched the world's biggest private investment fund six years ago, he said his SoftBank Group was plowing money into companies based on a single strategy. "We are not just recklessly making investments," Son told investors in 2018. "We are focusing on one theme, which is AI."
/jlne.ws/46AZqiW
SEC Pushes Back Against Fidelity, BlackRock Spot Bitcoin ETF Filings
Katherine Doherty and Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission is pushing back against a wave of filings by asset managers to launch the first US exchange-traded fund that invests directly in Bitcoin, saying the applications lack clarity and further information is needed before they're considered for approval.
/jlne.ws/3O7EYPv
Fidelity Leads Flurry of Bitcoin ETF Refilings to Answer SEC
Olga Kharif and Vildana Hajric - Bloomberg
In a flurry of Friday afternoon activity, Fidelity Investments led a handful of firms that filed a fresh set of applications for a spot-Bitcoin exchange-traded fund to add new details after the US Securities and Exchange Commission indicated that the initial filings were insufficient.
/jlne.ws/439xuPZ
A $30 Billion Disaster Is Just the Tip of a Deadly Climate Cycle; Pakistan's record flooding last year displaced millions and left the country reeling. As a new monsoon season approaches, recovery efforts are floundering.
Coco Liu and Faseeh Mangi - Bloomberg
When night falls in the refugee camp outside Karachi, Shanawaz Khoso worries about snake bites. The 38-year-old and his seven children sleep in tents alongside 5,000 other displaced villagers, partially exposed to the elements and to creatures that include scorpions and venomous snakes. When the sun rises, stifling heat and mountains of untreated sewage turn the camp into a breeding ground for disease. Fever and stomach pain are prevalent, but there are no doctors and there is no medicine.
/jlne.ws/3CXTp1T
Can a Stock Exchange Build a Global Community for Good?
Jos Schmitt - The World Financial Review
When world leaders adopted the UN Sustainable Development Goals in 2015, they sent a rallying cry to the private sector, acknowledging that government support was not enough to ensure success. The plan to minimize wealth disparities, address health challenges, reverse the climate crisis, and address the other major issues our world is facing requires private sector capital, an estimated $12 trillion investment opportunity.
/jlne.ws/3NX1GJR
Are Ordinary Americans the 'Real Losers' of the SEC Lawsuits Against Coinbase and Binance?
Sabrina Toppa - TheStreet
In the wake of last year's high-profile crypto collapses, a self-regulatory body in the crypto space might seem more urgent than ever. Gabriella Kusz, the CEO of the Chicago-based Global Digital Asset and Cryptocurrency Association, is pushing for big players in the crypto space to work together on a public-private partnership between the government and the digital assets industry.
/jlne.ws/3PO3I02
France protests spread to Switzerland
Nick Squires - The Telegraph
Days of unrest and rioting in France have spread overnight to neighbouring Switzerland, after spilling over into Belgium earlier in the week. In the Swiss city of Lausanne, there were clashes between police and groups of protesters, most of them young - an echo of the profile of many of the rioters in France. Seven people were detained, most of them teenagers, after several shop windows in Lausanne were smashed.
/jlne.ws/438yVOK
Goldman Sachs is under pressure. So is the rest of Wall Street.
David Hollerith - Yahoo Finance
Goldman Sachs (GS) CEO David Solomon acknowledged a series of negative headlines about his company when he spoke to shareholders during an investor day in late February. "I hate the noise," Solomon said bluntly, adding that "I wish the noise was different." That noise is just as loud five months later. The most storied name on Wall Street is under a microscope as it fights to maintain its crown as the world's top dealmaker. It is wrestling with everything from job cuts and a global investment banking slump to reports of partner unrest and concerns about strategy.
/jlne.ws/3JH5bSg
Barclays seeks to end relationship as Odey Asset Management's corporate bank; Group wants to distance itself from hedge fund after sexual misconduct allegations against founder
Laura Noonan - Financial Times
Barclays is looking to terminate its corporate banking relationship with Odey Asset Management, people familiar with the situation told the Financial Times, heaping further pressure on the hedge fund as it struggles to stay afloat following sexual misconduct allegations against its eponymous founder. A string of banks served termination notices on Odey Asset Management for the prime broking and custody relationships necessary to run a hedge fund after the FT reported last month that 13 women had alleged sexual assault or harassment by Crispin Odey. Those notices remain in place despite Odey being ousted within days of the allegations being published. The hedge fund's 64-year-old founder was previously acquitted of indecent assault and strenuously denies the latest sexual misconduct claims.
/jlne.ws/3NXSvsw
Apple Is the World's First $3 Trillion Company; The iPhone's strength has helped to offset supply chain challenges, a global pandemic and recessionary fears
Aaron Tilley - The Wall Street Journal
Apple on Friday became the world's first corporation to close with a market value above $3 trillion, a milestone that reflects the lasting impact and resilience of the iPhone, a singular product that continues to transform life and commerce around the world. Launched from a California garage as a puckish computer company in 1976, Apple is now worth about double the value of longtime rival Google and seven times that of Exxon Mobil, which loomed over markets as the world's most valuable company for many years.
/jlne.ws/3PCnQCv
Leveraged-Loan Logjam Eases After Banks Unload Tens of Billions of Debt
Laura Cooper and Alexander Saeedy - The Wall Street Journal
Banks have sold off tens of billions of leveraged-buyout debt that was gumming up their lending operations, raising hopes that a critical business on Wall Street is returning to normal. Typically, banks provide relatively high-risk loans to help finance private-equity buyouts and then unload the debt to investors.
/jlne.ws/3XArWNg
UBS aims to avoid using $10bn Credit Suisse backstop amid backlash; Bank hopes to announce next month that Swiss taxpayers will not face any hit from the deal
Owen Walker and Laura Noonan - Financial Times
UBS is aiming to make clear next month that its rescue of Credit Suisse will not rely on funding from Swiss taxpayers, as the political backlash against the deal builds ahead of national elections later this year. As part of the takeover, the Swiss government agreed to shield UBS from up to SFr9bn ($10bn) in any losses from the deal, provided the bank bore the first SFr5bn.
/jlne.ws/43fEU49
Brazilian brokerage XP looks to life after the lockdown bull market; Fintech's chief says improving economic picture will boost recovery following group's bumpy comedown from pandemic frenzy
Michael Pooler - Financial Times
Like many digital brokerages which prospered during the pandemic as locked-down savers played a booming stock market, Brazil's XP has had a bumpy comedown. With an array of products including a fund "supermarket" and often lower fees than the country's handful of big banks, the Sao Paulo-based company has helped bring investing to a wider public since its founding more than two decades ago. In the process, it has been hailed by analysts and consumers as a financial technology pioneer.
/jlne.ws/3rejk2Z
Bank of America Says it Started Talks With Fed After Stress Test Results
Katherine Doherty - Bloomberg
Bank of America Corp. said it has started discussions with the Federal Reserve to understand how the company was evaluated following results of the central bank's annual stress tests.
/jlne.ws/4479qOV
Challenges for the buy-side and research providers become a reality as SEC allows 'no-action' research letter to lapse; With the expiry of the SEC 'no-action' letter based on enforcement surrounding research services, industry experts provide insights on the impacts and possible solutions.
Wesley Bray - The Trade
The Securities and Exchange Commission (SEC) has allowed its no-action letter to the Securities Industry and Financial Markets Association (SIFMA), based on enforcements surrounding research services, to expire - reinforcing that it was not intended to be permanent solution.
/jlne.ws/4395uvN
FlexTrade integrates TRAction solution into Spark EMS to alleviate buy-side transaction reporting 'burden'; Partnership comes as regulators are increasingly focusing on data quality in reporting submissions; will see clients be able to carry out transaction reporting via direct feed in their EMS.
Annabel Smith - The Trade
FlexTrade and TRAction have announced a new integration aimed at alleviating the "operational burden" of transaction reporting on the buy-side trading desk. Through the new partnership, TRAction's reporting platform and FlexTrade's cloud-based EMS solution Spark have been integrated.
/jlne.ws/3pBnTDO
DRW to break into Hong Kong market for first time with new trading desk; New desk will initially focus on options, cash equities and futures, with plans to expand into other asset classes in the future.
Annabel Smith - The Trade
Market maker DRW Holdings is set to expand into the Hong Kong market for the first time with a new trading desk, The TRADE can reveal. The firm is currently in the process of gaining a financial services license from Hong Kong's Securities and Futures Commission (SFC) and exploring exchange membership options with Hong Kong Exchanges and Clearing (HKEX) to begin market making in index futures and options and cash equities towards the end of this year.
/jlne.ws/3CZh3Ls
BGC Partners Completes Corporate Conversion to Full C-Corporation, Name Change to BGC Group, Inc., and Ticker Symbol Change to "BGC"
BGC Group via PR Newswire
BGC Group, Inc. (Nasdaq: BGC) ("BGC Group," "BGC" or the "Company"), a leading global brokerage and financial technology company (formerly BGC Partners, Inc.), today announced that it has completed its corporate conversion to a Full C-Corporation. The Company has also changed its name to "BGC Group, Inc." and changed its Nasdaq ticker symbol to "BGC" from "BGCP". The Company has also updated its main website to http://www.bgcg.com and its investor relations website to http://ir.bgcg.com.
/jlne.ws/3XAYW8c
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | What the Wagner rebellion might mean for Russia's war in Ukraine
Jen Kirby - Vox
In May, Yevgeny Prigozhin declared victory for Wagner Group forces fighting in the eastern Ukrainian city of Bakhmut. About a month later, those fighters were marching on Moscow, an apparent rebellion from the very people waging Vladimir Putin's war. Russia's military setbacks in Ukraine spurred this political stability. But all of it overshadowed the conflict itself, which continued as the uprising unfolded.
/jlne.ws/3PO2QIO
How Medical Treatment Is Giving Ukraine a Quiet Edge Over Russia
Stephen Kalin - The Wall Street Journal
Blood gushed from the mess of broken bone and flesh where a land mine had blown off Lt. Valentyn Koval's lower left leg. Ten minutes later, he was en route to the hospital in a passenger car, a modern tourniquet cinched above the wound to stem a potentially fatal bleed. Without the right training and equipment, he would have been dead already. Instead, he was shooting a video.
/jlne.ws/46KRcov
Ukraine Aims for Comeback in Shattered Bakhmut After Wagner Revolt
Matthew Luxmoore - The Wall Street Journal
Five weeks after Russia trumpeted the capture of the small eastern city of Bakhmut, where the longest and bloodiest engagement of the war has played out, Ukrainian troops are clawing back high ground on its northern and southern edges in a bid to encircle Russian troops there. Soldiers from Ukraine's 3rd Assault Brigade are posting footage of intense firefights in Russian trenches, with the Ukrainians lobbing grenades into Russian foxholes and taking prisoners.
/jlne.ws/3NvExga
Putin's Corporate Takeover of Wagner Has Begun; Attempts to grab the reins of companies will be a test of his power
Joe Parkinson, Benoit Faucon and Drew Hinshaw - The Wall Street Journal
In the wake of a mutiny that almost reached Moscow, Vladimir Putin is facing a new test-managing one of the most complex corporate takeovers in history. Inside the Wagner Group's sealed-off glass tower headquarters in St. Petersburg, agents from the Federal Security Services, or FSB, have been scouring the offices for evidence against Yevgeny Prigozhin, the Wagner chief who led last month's insurrection.
/jlne.ws/3JGszPR
Brazil Worries It Has Become a Haven for Russian Spies Infiltrating the West
Luciana Magalhaes and Louise Radnofsky - The Wall Street Journal
The double life of a suspected Russian spy arrested in the far north of Norway began more than a decade earlier in this corn-and-soybean producing town a half a world away, Brazilian authorities say. Norwegian authorities say a university researcher carrying Brazilian documentation is actually a deep-cover agent for Moscow, charging him with espionage.
/jlne.ws/3NZ9J9d
Ukraine's Zelensky Says He Will Beat Russia by Holding On to His Humanity; President talks about remaining grounded, projecting strength, rejecting talks with Russia
James Marson - The Wall Street Journal
/jlne.ws/3NXO15d
EU considers Russian bank concession to safeguard Black Sea grain deal; Move would be a sop to Moscow to maintain agreement that allows Ukraine to export food to global markets
Henry Foy and Sam Fleming and Max Seddon - Financial Times
/jlne.ws/434gScw
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | 'Nori Will Be A Single Point Of Entry To The Carbon Market' - Matthew Trudeau, Nori CEO
Violet George - Carbon Herald
Serial entrepreneur and investor Matthew Trudeau recently took on the role of CEO at carbon removal market place Nori. We talked to Trudeau to find out more about how his expertise in trading and building exchanges and marketplaces ties into him joining Nori, and what he believes the future holds for the carbon market at large.
/jlne.ws/3JHzh8h
New Commercial Paper Programme of OesiÃa Networks on the MARF
BME
BME's Fixed Income Market, MARF, has admitted to trading today a new Commercial Paper Programme of Oesia Networks for a total amount of 30 million euros. The Commercial Papers to be issued under this new programme will have a maturity of up to two years and their nominal amount will be 100,000 euros. This is the first time that OesÃa Networks accesses the Fixed Income markets to finance its activity.
/jlne.ws/3PF54KA
CCP12 Public Quantitative Disclosures
CCP12
On 2 November 2017, CCP12 officially released the CCP12 PQD Template on Public Quantitative Disclosures (PQDs), which provides a global harmonized approach. This PQD template represents CCP12's active response to CPMI-IOSCO and our endeavour to foster industry best practices. The template improves standardization and transparency of the CCP industry by facilitating comparable data points and formats.
/jlne.ws/3Nt7J7m
Fidelity, Other Bitcoin ETF Applications Refiled by Cboe to SEC
Dave Liedtka - Bloomberg
Cboe Global Markets Inc. on Friday filed proposals with the US Securities and Exchange Commission for Bitcoin exchange-traded funds to be offered by Fidelity Investments, VanEck, WisdomTree and Invesco. The filings followed earlier comments from the SEC that previous applications were not going to be considered sufficient. Rule filings are not effective until approved by the SEC, the exchange company said in a statement Friday.
/jlne.ws/3PzQfZU
Advanced analytics via Deutsche Boerse A7 Platform; Maximize trading efficiency and improve alpha generation with access to data analytics
CME Group
Leverage the most diverse derivatives order book and trade data offered via Deutsche Boerse's A7 Analytics platform. Gain direct access to flexible analytics tools and benefit from advanced market insights, to further enhance your trading and risk management capabilities.
/jlne.ws/3rgyK6U
CME To Launch Ether/Bitcoin Ratio Futures
MarketsMedia
CME Group, the world's leading derivatives marketplace, announced plans to launch Ether/Bitcoin Ratio futures on July 31. "Historically, ether and bitcoin have been highly correlated; however, as the two assets have grown over time, market dynamics may affect the performance of one more than the other, creating relative value trading opportunities," said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products.
/jlne.ws/437LKJe
Launch of JPX Prime 150 Index and Tokyo Stock Exchange REIT Leveraged and Inverse Index Series
JPX
JPX Market Innovation & Research, Inc., today, announces the launch of the "JPX Prime 150 Index", the "Tokyo Stock Exchange REIT Leveraged (2x) Index", the "Tokyo Stock Exchange REIT Inverse (-1x) Index" and the "Tokyo Stock Exchange REIT Double Inverse (-2x) Index".
/jlne.ws/3NCIuzH
Status of Acquisition of Own Shares; (Acquisition of Own Shares based on Provisions of the Articles of Incorporation Pursuant to Article 459, Paragraph 1 of the Companies Act)
JPX
Japan Exchange Group, Inc. (JPX) previously announced its decision in the Board of Directors meeting held on January 30, 2023 on matters regarding acquisition of own shares pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act. JPX hereby announces the status of acquisition as follows.
/jlne.ws/3rch2RM
Trading Overview in June 2023 & First Half of 2023 (January to June)
JPX
Japan Exchange Group released Trading Overview in June 2023 & First Half of 2023 (January to June).
/jlne.ws/3NVmMIu
Caution for Investors
NSE
It has been brought to the notice of the Exchange that persons named "Navya Singh" and "Puja Chetri" associated with entity named "Alphahedge" and "Almighty Algo" operating through mobile numbers "9693960360" "7320074414" and website "https://alphahedgecapital.in" are providing securities market tips for trading and assuring returns on investment in stock market. They are also offering to handle trading account of investor by asking investors to share their credentials. The investors are cautioned and advised not to subscribe to any such scheme/prod
/jlne.ws/449ykh8
Speech by Loh Boon Chye, CEO, SGX Group, at Gift Nifty Bell Ringing Closing Ceremony
SGX
Good afternoon: Shri Injeti Srinivas, Chairman of IFSCA; Shri Tapan Ray, MD and Group CEO, GIFT City,; Shri Rajiv Mehrishi, Chairman, NSE International Exchange; Shri Ashishkumar Chauhan, MD and CEO, NSE; Shri V. Balasubramaniam, MD and CEO, NSE International Exchange; Delegates from IFSCA, GIFT City, Board of Directors from NSE International Exchange. Together with NSE, SGX Group is delighted to mark a significant milestone in our partnership, as we make history with the successful transition of the SGX Nifty futures contracts to GIFT Nifty.
/jlne.ws/3POuSUy
Moscow Exchange starts trading in premium currency options
MOEX
On July 3, 2023, trading in premium options for the currency pairs "US dollar - Russian ruble", "Euro - Russian ruble" and "Chinese yuan - Russian ruble" will begin on the derivatives market of the Moscow Exchange. Premium currency options allow investors to earn on changes in currency rates without the need to purchase it on the spot market, as well as to hedge currency risks with minimal costs. Previously, only option contracts for settled futures on currency pairs were available to trading participants and their clients.
/jlne.ws/3CVrb8f
Moscow Exchange Refined Gold Index approved by the Bank of Russia
MOEX
The Bank of Russia has approved the first Russian gold price indicator, the Moscow Exchange Refined Gold Index ( RUGOLD ). The assessment of the quality of formation and calculation of the index was carried out with the participation of the Federal Antimonopoly Service, the Ministry of Finance and the Ministry of Economic Development of the Russian Federation, which makes it possible to widely use the index in various areas of economic activity.
/jlne.ws/3CVrksj
Boerse Stuttgart records June turnover of around EUR 7 billion; Increase in trading volume compared to the same month of the previous year // Increases in bonds and equities
Boerse Stuttgart
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 7 billion in June, around 2 percent more than in the same month of the previous year.
/jlne.ws/322zRr2
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How Amazon Taught Alexa to Speak in an Irish Brogue
Bernhard Warner - The New York Times
Like Henry Higgins, the phonetician from George Bernard Shaw's play "Pygmalion," Marius Cotescu and Georgi Tinchev recently demonstrated how their student was trying to overcome pronunciation difficulties. The two data scientists, who work for Amazon in Europe, were teaching Alexa, the company's digital assistant. Their task: to help Alexa master an Irish-accented English with the aid of artificial intelligence and recordings from native speakers.
/jlne.ws/3JJfs05
OpenAI Chooses London for Its First Corporate Office Outside US
Mark Bergen - Bloomberg
ChatGPT creator OpenAI Inc. has chosen London as the home of its first corporate office outside the US, according to a company statement issued Wednesday. The San Francisco-based company, which has raised more than $10 billion, has been on a hiring spree as it works to turn its costly artificial intelligence research into a business. Chief Executive Officer Sam Altman has said that the closely held company was looking to open an European office, suggesting that countries including Poland, France and the UK were potentially in the running.
/jlne.ws/3CZdJzY
Meta is lifting the curtain on Facebook and Instagram's elusive recommendation algorithms
Kylie Robison - Fortune
From swiping through endless Netflix suggestions to the eerie accuracy of Spotify's new A.I. DJ, recommendation algorithms have become the puppet masters of our digital lives. Meta-owned Instagram introduced the feature to its own feed last July, showing users recommended posts from accounts they don't follow, which caused an uproar so large that even Kylie Jenner shared a petition to "Make Instagram Instagram again."
/jlne.ws/3NtBYv6
8 Wall Street quants who quit lucrative trading careers at Citadel, Jump Trading, and Renaissance Technologies to build startups instead
Alex Morrell - Insider
The year was 1994, and D.E. Shaw, one of the earliest hedge funds to specialize in computerized, algorithmic trading, was about to lose a key employee. A headhunter had placed him at the fund only four years prior, but he'd made a quick impression on founder David Shaw and risen to senior vice president. Walking through Central Park, Shaw tried to convince him to stay - he'd be giving up millions in compensation and a significant role at the firm.
/jlne.ws/3NzOJ7m
India Blockchain Alliance's Raj Kapoor explains the technology's impact in the country
Pradipta Mukherjee - Forkast
The India Blockchain Alliance (IBA) was set up in 2018 by Raj Kapoor - an advisory board member at over 50 blockchain companies - based on the idea the technology could help reshape financial, social and governance systems in the world's most populous nation and make them more decentralized, open and equitable.
/jlne.ws/3NY43Mw
Hong Kong launches task force to promote blockchain initiatives, developments
Tom Zuo - Forkast News
/jlne.ws/43fEIBX
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| Cybersecurity | | Top stories for cybersecurity | LockBit gang demands a $70 million ransom to the semiconductor manufacturing giant TSMC
Pierluigi Paganini - Security Affairs
The LockBit ransomware group this week claimed to have hacked the Taiwan Semiconductor Manufacturing Company (TSMC) and $70 million ransom. TSMC is the world's biggest contract manufacturer of chips for tech giants, including Apple and Qualcomm Inc. As reported by BleepingComputer, on Wednesday, a Lockbit affiliate known as Bassterlord announced the hack of TSMC via Twitter and shared screenshots with information related to the company as a proof of the attack.
/jlne.ws/46zAYhO
The Industry Shouldn't Compete on Cybersecurity
Keith Savino - Insurance Journal
With cyber risk growing for small businesses, the insurance industry should cooperate on cybersecurity. The National Cybersecurity Alliance reports that small and midsize businesses are "easy targets" for cybercriminals. Small firms represent 58% of cybercrime victims, according to SCORE, a business mentoring group funded in part by the U.S. Small Business Administration. And, according to SCORE, "60% of small and medium businesses are forced to suspend operations and, in many cases, never reopen" after they experience a cyberattack.
/jlne.ws/44vwOp5
SEC's Cybersecurity Disclosure Rules Decision Pushed To October 2023
Joe Toscano - Forbes
The Securities Exchange Commission (SEC) announced a delay in finalizing proposed cybersecurity rules. The two different sets of rules, one for public companies and regulated entities and another for investment advisers, registered investment companies, and business development companies are expected to be delayed until at least October 2023. The delay has raised questions about the timeline and potential factors influencing the extended process.
/jlne.ws/3CUM2Z8
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| Cryptocurrencies | | Top stories for cryptocurrencies | SEC vs Coinbase Case Moved Ahead to July 13
Hope C - CoinMarketCap
The U.S. Securities and Exchange Commission (SEC) will respond to Coinbase's first legal defense on July 13, according to a court order on Thursday. This earlier-than-expected hearing is a result of a "creative" defense strategy by Coinbase, who filed its first response 40 days before the deadline of August 7, prompting the SEC to file a response by July 3.
/jlne.ws/43blQUX
Solana Co-Founder Says Ethereum Could Be Layer-2 for SOL
Andrew Asmakov - Decrypt
Despite certain limitations and potential risks, the idea of using Ethereum (ETH) as a layer-2 for the Solana (SOL) blockchain is not as farfetched as it may seem, according to Anatoly Yakovenko, the co-founder of Solana Labs. In a series of tweets on Sunday, Yakovenko took a closer look at how such an integration could take shape, suggesting that the technical collaboration, is "probably more likely than you might think at first glance."
/jlne.ws/3CYfsFR
SEC Inaction on Spot Bitcoin ETF a 'Complete and Utter Disaster,' Says Cameron Winklevoss
Andre Beganski - Decrypt
Cameron Winklevoss slammed the Securities and Exchange Commission (SEC) for a history of failure on Saturday, noting that it has been ten years since the agency received what he called the first Bitcoin ETF application-and killed it. The Winklevoss twins, who cofounded crypto exchange Gemini, first filed for a spot Bitcoin ETF-like trust in July 2013, moving early to establish an investment vehicle that tracks the price of Bitcoin and trades similarly to stock on exchanges like the Nasdaq. The Winklevoss' initial filing, along with a second attempt in 2018, was ultimately rejected by the SEC. While futures-based Bitcoin ETFs have since gotten a regulatory green light in the U.S., the SEC claims that no spot ETF arrangement thus far proposed does enough to protect investors from "fraudulent and manipulative acts and practices."
/jlne.ws/44c56ye
Citigroup Reviews Partnership With Crypto Custodian Metaco; Ripple Labs bought Metaco for $250 million last month; Citi announced partnership with Metaco in June last year
Anna Irrera and Emily Nicolle - Bloomberg
Citigroup Inc. is reviewing its digital-assets custody partnership with Swiss fintech firm Metaco and has started informal talks with other providers, people with knowledge of the matter said. The people asked not to be identified because the deliberations are private. The Wall Street bank announced the partnership with Metaco a year ago.
/jlne.ws/444cDz3
Citadel-Backed Exchange Sparks Jump in Bitcoin-Offshoot Coin; BCH rally is likely driven by Korean traders, data shows; EDX Markets will support BCH along with Bitcoin, Ether
Sidhartha Shukla - Bloomberg
The opening of a new crypto exchange backed by Citadel Securities has unleashed a speculative mania in Bitcoin Cash, an offshoot of the original digital token, with interest especially high among traders in South Korea. Bitcoin Cash soared as much as 32% to $324 on Friday, taking gains in June to around 170%. The coin is among just four - including bellwethers Bitcoin and Ether - selected to trade on EDX Markets, the institutional-only platform that went live this month.
/jlne.ws/448CFRE
Ethereum Founder Vitalik Buterin Says He Feels 'Bad' for Solana
Mathew Di Salvo - Decrypt
/jlne.ws/3Xz0K1s
Crypto Miners Seek a New Life in AI Boom After an Implosion in Mining
Tom Dotan and Berber Jin - The Wall Street Journal
/jlne.ws/44qiFK3
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| Politics | | An overview of politics as it relates to the financial markets | Western allies are hedging against Donald Trump; What happens in Washington would not stay in Washington
Gideon Rachman - Financial Times
A spectre is haunting Europe. The spectre of Donald Trump. Many European decision makers admit that they were caught unprepared by Trump's election as US president in 2016. They are determined not to make the same mistake again. But knowing that Trump might win the presidency back in 2024, and knowing what to do about it, are different things. That is all the more the case since a second Trump presidency would probably be even more radical and unpredictable than the first.
/jlne.ws/3rgNqCI
US Supreme Court to decide legality of SEC in-house enforcement
Andrew Chung - Reuters
The U.S. Supreme Court on Friday agreed to hear a bid by President Joe Biden's administration to defend certain Securities and Exchange Commission in-house enforcement proceedings in a case that could broadly undercut the power of federal agencies. The justices took up the administration's appeal of a lower court's decision that struck down certain SEC enforcement proceedings as unconstitutional for violating the right to a jury trial and infringing on presidential and congressional powers.
/jlne.ws/3XEhOTY
Sen. Cassidy, Chair Foxx rebuke SEC's swing pricing, liquidity risk management & hard close proposal
Axios
U.S. Senator Bill Cassidy (R-LA) and Representative Virginia Foxx (R-NC) rebuked the Biden administration's "hard close" rule in a letter published Wednesday. The rule would limit Americans' ability to trade in mutual funds, threatening millions of retirement plans, per the press release.
/jlne.ws/3PG9e56
Departing CDC Director Rochelle Walensky Warns of Politicized Science; Stepping down after 2 1/2 years, she says public needs to be wary of misinformation
Sarah Toy - The Wall Street Journal
Dr. Rochelle Walensky has a warning for the American people: Be on guard against misinformation and the politicization of science. In one of her final interviews as head of the Centers for Disease Control and Prevention, Walensky told The Wall Street Journal that she wants Americans to make health decisions based on "their own risk assessment and their own personal risks, but not through politics," she said.
/jlne.ws/3JHBpNj
Court Affirms Constitutionality Of B.C. Securities Commission's Power To Seek Contempt Charges
Mondo Visione
The Supreme Court of British Columbia dismissed a constitutional challenge to the B.C. Securities Commission (BCSC)'s power to seek consequences for not cooperating with an investigation. The decision stemmed from the BCSC's attempt in 2020 to question Harjit Gahunia and Ranvir Brar as witnesses in an investigation.
/jlne.ws/3NVialO
Russia's top diplomat Lavrov sees no reason to extend Black Sea grain deal
Guy Faulconbridge - Reuters
/jlne.ws/44nR5gm
China foreign-exchange regulator Pan Gongsheng named central-bank party boss
Reuters
/jlne.ws/3pA4mUw
China's Central Bank Appoints New Top Communist Party Official
Keith Zhai - The Wall Street Journal
/jlne.ws/3ra9yim
South Korea Passes Cryptocurrency Bill Tackling Unfair Trading
Hope C - CoinMarketCap
/jlne.ws/3NYA3Ag
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| Regulation & Enforcement | | Stories about regulation and the law. | Singapore Regulator Bans Crypto Exchanges from Lending, Staking for Retail Investors
Tim Hakki - Decrypt
Singapore is enforcing new crypto consumer protection measures as the city-state continues applying regulation to its burgeoning crypto industry. Chief among the new measures, the Monetary Authority of Singapore (MAS)-the country's chief financial regulator-will enforce a ban on lending and staking for retail customers (individual traders, as opposed to institutional clients), a measure which has been on the table since last October.
/jlne.ws/3pvxagI
SEC Suits Say Nearly 70 Cryptos Are Securities But Proving It Will Be Difficult
Nina Bambysheva - Forbes
In the last few months, the U.S. Securities and Exchange Commission has labeled dozens of cryptocurrencies as securities but provided very little explanation for how they came to that conclusion. There is no question that these and many other cryptos are being purchased as investments, but the SEC is alleging that they also fall within the legal definition of a security.
/jlne.ws/3NVnIwG
US SEC says Bitcoin ETF applications inadequate: WSJ
Pradipta Mukherjee - Forkast
The U.S. Securities and Exchange Commission (SEC) said the recent series of spot Bitcoin exchange-traded fund (ETF) applications by asset managers were inadequate and not sufficiently clear, according to a report by the Wall Street Journal on Friday. The SEC has informed exchanges Nasdaq and Cboe Global Markets, which filed the applications on behalf of the asset managers, that the applications are not clear and comprehensive, according to the WSJ report, which cited people familiar with the matter.
/jlne.ws/3O0hITu
SEC Says Spot Bitcoin ETF Filings Are Inadequate; Regulator tells Nasdaq, Cboe that applications from BlackRock, Fidelity and others aren't clear and comprehensive
Vicky Ge Huang - The Wall Street Journal
The Securities and Exchange Commission said a recent wave of applications filed by asset managers to launch spot bitcoin exchange-traded funds are inadequate, according to people familiar with the matter. The agency informed exchanges Nasdaq and Cboe Global Markets, which filed the applications on behalf of asset managers including BlackRock and Fidelity Investments, that they aren't sufficiently clear and comprehensive, the people said.
/jlne.ws/434KypL
SEC Pushes Back Against Fidelity, BlackRock Spot Bitcoin ETF Filings; Cboe confirmed that it will refile on the behalf of Fidelity; Bitcoin has jumped in value amid latest wave of ETF filings
Katherine Doherty and Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission is pushing back against a wave of filings by asset managers to launch the first US exchange-traded fund that invests directly in Bitcoin, saying the applications lack clarity and further information is needed before they're considered for approval.
/jlne.ws/3NYj3dq
Commissioner Pham Announces New Members and Leadership of the CFTC's Global Markets Advisory Committee and Subcommittees; 128 Members in Total Constitute the Largest-Ever Single Advisory Committee Initiative Sponsored by the CFTC
CFTC
CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), today announced new members and leadership of the GMAC and its Subcommittees on Global Market Structure, Technical Issues, and Digital Asset Markets. In total, there are 128 members across the GMAC and its Subcommittees, constituting the largest-ever single advisory committee initiative sponsored by the CFTC. The next public meeting of the GMAC is on July 17, 2023 at the New York Stock Exchange.
/jlne.ws/3NYb6F5
Chairman Behnam Announces CFTC Agricultural Advisory Committee to Meet July 19
CFTC
Chairman Rostin Behnam, sponsor of the Agricultural Advisory Committee (AAC), today announced the AAC will hold a public meeting on July 19 from 9:00 a.m. to 10:45 a.m. (EDT) at the CFTC's Washington, D.C. headquarters. Members of the public will also have the option to attend virtually.
/jlne.ws/3JJukM1
SEC Charges Former CFO of "Smart" Window Manufacturer, View Inc., for Failure to Disclose Company's $28 Million Liability
SEC
The Securities and Exchange Commission today charged Vidul Prakash, the former Chief Financial Officer of California-based manufacturer of "smart" windows, View Inc. ("View"), for his negligent failure to ensure the company's disclosure of $28 million in projected warranty-related liabilities.
/jlne.ws/448quEt
SEC Charges "Smart" Window Manufacturer, View Inc., with Failing to Disclose $28 Million Liability
SEC
The Securities and Exchange Commission today announced settled charges against a California-based manufacturer of "smart" windows, View Inc., for failing to disclose $28 million in projected warranty-related liabilities to address a particular defect in its windows. The SEC decided not to impose civil penalties against View because the company self-reported the misconduct to the SEC, promptly undertook remedial measures, and cooperated with the staff's investigation. The SEC also announced charges against View's former CFO, Vidul Prakash, for his failure to ensure that the warranty-related liabilities were disclosed.
/jlne.ws/44qDzbU
SEC Charges Two Oregon Residents and Their Related Entities with $10 Million Ponzi-Like Scheme
SEC
The Securities and Exchange Commission today charged Oregon residents Robert D. Christensen and Anthony M. Matic, as well as several companies they controlled, with conducting a multi-year Ponzi-like scheme and misleading investors who purchased more than $10 million in promissory notes.
/jlne.ws/44vslmo
National Anti-Scam Centre's first fusion cell to disrupt investment scams
ASIC
The National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem of investment scams, which are costing Australians more than $1 billion a year.
The fusion cell will be led by the ACCC and ASIC and include representatives from the banks, telecommunications industry and digital platforms. It will be the first fusion cell co-ordinated by the new National Anti-Scam Centre and will identify methods for disrupting investment scams to minimise scam losses.
/jlne.ws/3Nzzo6J
FMA publishes updated and refreshed Auditor and Regulation Oversight Plan 2023-2026
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko - will conduct yearly audit quality reviews (AQR) of every licensed audit firm in a refreshed Auditor and Regulation Oversight Plan 2023-2026.
The plan, released today, sets out the areas the FMA will focus on when reviewing the quality of regulated audits, and contributing to the integrity and development of the audit profession.
/jlne.ws/3O848NX
The US dollar LIBOR panel has now ceased
FCA
This marks another critical milestone in the transition away from LIBOR. Overnight and 12-month US dollar LIBOR settings have now permanently ceased. 1-, 3- and 6-month US dollar LIBOR settings will continue to be published using a synthetic methodology until September 2024.
/jlne.ws/3NX3jqP
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | New STOXX thematic index tracking Europe's booming luxury-goods industry licensed to Samsung Asset Management for first-of-kind ETF
Qontigo
Qontigo has introduced the STOXX® Europe Luxury 10 index, which tracks Europe's leading manufacturers of high-end clothing, watches and vehicles under some of the world's most iconic premium brands. The thematic index serves as underlying for an ETF from Samsung Asset Management, the first such fund to track Europe's luxury-goods industry in Korea.
/jlne.ws/44s52Kb
The good and the bad about Canada's startup scene
Kia Kokalitcheva - Axios
In a fancy Toronto hotel on Wednesday, Canadian investor John Ruffolo introduced me to Martin Basiri, a young immigrant and entrepreneur who just raised $40 million in seed funding for his second startup. In 2021, his first one became one of the country's 21 "unicorns." Canada may have famous tech companies like Blackberry and Shopify, but its startup and venture capital industry remains relatively small, fragmented and timid.
/jlne.ws/3pFq7lA
Lumber Producers Are Back in Favor on Wall Street
Ryan Dezember - The Wall Street Journal
Their stocks aren't quite as hot as home builders', but Weyerhaeuser, Boise Cascade and others that own sawmills and make wood panels have been big winners lately, thanks to the recovery in residential construction. Housing starts rose in May to a seasonally adjusted annual rate of about 1.6 million, the Census Bureau said last month.
/jlne.ws/46AKd1h
BlackRock and Fidelity hit Bitcoin ETF snag amid graveyard of past applications
Adam Morgan McCarthy - DL News
Dreams of a spot Bitcoin exchange-traded fund just hit a roadblock. The Securities and Exchange Commission wants to know where asset managers will pull Bitcoin prices from. That's according to a Wall Street Journal report. This means Ark Invest, BlackRock, and Fidelity need to refile and say which exchange they will use for pricing.
/jlne.ws/3PFr340
Investors Spurn Dividend-Paying Stocks as AI Booms; The shares have suffered their worst first-half performance relative to nonpayers since 2009
Hardika Singh - The Wall Street Journal
Shares of companies boasting chunky dividends were among the stock market's most popular trades last year. But the strategy of giving them preference has since fizzled out. During 2022's bear market, dividend-paying stocks were embraced by investors looking for a steady stream of cash.
/jlne.ws/43fkNTH
Lithium Scarcity Pushes Carmakers Into the Mining Business
Clifford Krauss and Jack Ewing - The New York Times
/jlne.ws/3NXHN5m
Market Bets on Cheaper Oil, Undermining Saudi Hopes for a Price Rebound
Joe Wallace and Anna Hirtenstein - The Wall Street Journal
/jlne.ws/3NUYBdc
Recent Deals Fail to Spark Lackluster IPO Market
Corrie Driebusch - The Wall Street Journal
/jlne.ws/3pvJbTo
Bond fund giant Pimco prepares for 'harder landing' for global economy; CIO Daniel Ivascyn says the market is 'too confident in the quality of central bank decisions'
Mary McDougall and Katie Martin - Financial Times
/jlne.ws/4491Kfi
US private equity faces extra scrutiny under new merger review rules; Antitrust agencies' overhaul adds to growing checks on sector and will delay deals, say lawyers
Stefania Palma and Ortenca Aliaj, Antoine Gara and James Fontanella-Khan - Financial Times
/jlne.ws/46B6R9N
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate graphic of the week: Deadly 'heat dome' takes toll on US south and Mexico
Aime Williams, Chris Campbell and Steven Bernard - Financial Times
Nearly 110mn Americans are living in an area the US weather service has flagged as experiencing extreme heat, and at least 100 people are estimated to have died in Mexico where temperatures came close to 50C. The "heat dome" causing the deadly conditions stretched far to the south and hovered over US states including Texas, Tennessee and Arkansas, leading to warnings that "hazardous heat" would remain into the weekend.
/jlne.ws/3O0FVZS
Insight: Biden's green hydrogen plan hits climate obstacle: Water shortage
Valerie Volcovici - Reuters
The Biden administration's climate agenda is facing an unexpected challenge in drought-prone Corpus Christi, Texas, where a proposed clean hydrogen hub would require the installation of energy-intensive, expensive and potentially environmentally damaging seawater desalination plants. The Gulf Coast port is in the running for up to $1 billion available under President Joe Biden's 2021 Infrastructure Investment and Jobs Act to create a regional hub to produce hydrogen, a low-emissions fuel made by electrolyzing water that can help decarbonize heavy-emitting industries and transportation.
/jlne.ws/44qhHgP
Federal Money Begins Flowing to Lake Erie for Projects With an Eye on Future Climate Impacts
Kathiann M. Kowalski - Inside Climate News
NOAA's Climate-Ready Coasts grants under the Bipartisan Infrastructure Law and Inflation Reduction Act will support initiatives like shoreline restoration and plastic cleanup. Lake Erie will face more stormwater runoff, increased erosion and changes in both water levels and quality as climate change continues. Projects to mitigate those impacts range from restoring a wetland to deploying a plastic-scavenging drone named Pixie, and more. The National Oceanic and Atmospheric Administration announced plans this spring to fund nearly 150 projects, including four in Ohio.
/jlne.ws/3CYwmUU
A Climate Laggard in America's Industrial Heartland Has a Plan to Change, Fast
Coral Davenport - The New York Times
Lawmakers in Michigan have long fought tough pollution controls. But the toll of flooding, lost crops and damage to the Great Lakes appears to be changing minds. From toxic algal blooms in the Great Lakes to sewage pouring into Detroit basements to choking wildfire smoke that drifted south from Canada, Michigan has been contending with the fallout from climate change. Even the state's famed cherry trees have been struggling against rising temperatures, forcing some farmers to abandon the crop.
/jlne.ws/438ZROb
BlackRock CEO Larry Fink, who faced intense backlash for championing ESG, says he's 'ashamed' the topic has become politicized
Prarthana Prakash - Fortune
In 2018, BlackRock CEO Larry Fink wrote his annual letter as in previous years-but this one was different in that he broached the subject of companies serving "a social purpose." That marked the world's largest asset manager's entry into a long-drawn political debate over investments that prioritize ESG (environmental, social, and governance) factors. But five years after championing the cause, Fink now says he's "ashamed" of being part of all the ESG talk-not because it isn't worthwhile, but because it has become too politicized.
/jlne.ws/3CVsfZs
The Right's Desperate Push To Tank Esg And Avoid Disclosing Climate Risks; Pro-business politicians embraced the idea of so-called green investing - until the SEC suggested companies should report their full emissions.
Amy Westervelt - The Intercept
/jlne.ws/4395HiE
London's expanding clean air zone sparks economy-vs-environment row
Sachin Ravikumar, Alun John and Ben Makori - Reuters
/jlne.ws/3PHgKN0
Little Publicized but Treacherous, Methane From Coal Mines Upends the Lives of West Virginia Families
James Bruggers - Inside Climate News
/jlne.ws/3NDhXSJ
ESG funds: Greenwashing Wall Street; Can money be pure?
Nate DiCamillo - Quartz
/jlne.ws/446R6Wd
1 big thing: Climate changes travel
Axios
/jlne.ws/3JGO6b2
Venture Capital Funding for Climate Tech Dips 40% in First Half of 2023; After bucking the broader trend of deals slowing down, climate tech investments dropped precipitously compared to this time last year.
Michelle Ma - Bloomberg
/jlne.ws/3O82a01
Energy boss says prices might rise this winter
Tom Espiner - BBC News
/jlne.ws/3referH
UK: Lord Goldsmith resigns from government, accusing Sunak of 'apathy' on climate
Nina Lloyd, Sam Blewett and Patrick Daly - The Press Association
/jlne.ws/3NAKvfQ
And the Reusie goes to...
Suz Okie - GreenBiz
/jlne.ws/3D3Qip7
Oil giants drill deep as profits trump climate concerns
Ron Bousso and Nerijus Adomaitis - Reuters
/jlne.ws/46xfGRO
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | US Regulator Considers Limiting Big Banks' Borrowing From Backstop Lender
Austin Weinstein and Katanga Johnson - Bloomberg
US officials are considering limits on the ability of large lenders to use Federal Home Loan Banks as a financial backstop, part of a broader proposal to overhaul the system. The changes, which are being discussed as part of a sweeping review by an American regulator, would amount to the most dramatic reshaping of the $1.6 trillion system in decades.
/jlne.ws/46uArh5
Federal Reserve may tighten financial rules after US bank failures, Powell says
Christopher Rugaber - Associated Press News
Federal Reserve Chair Jerome Powell said Thursday that the central bank may have to tighten its oversight of the American financial system in the wake of the failure of three large U.S. banks this spring. Powell said in prepared remarks delivered at a banking conference in Madrid that tougher regulations put in place after the 2007-2008 financial crisis have made large multinational banks much more resilient to widespread loan defaults, such as the bursting of the housing bubble that led to that crisis.
/jlne.ws/46JwANk
Goldman Sachs Announces 10% Dividend Increase
Goldman Sachs
On Wednesday, June 28, the Federal Reserve notified the firm of the Stress Capital Buffer ("SCB") for The Goldman Sachs Group, Inc. (NYSE: GS) of 5.5%, resulting in a Standardized Common Equity Tier 1 ("CET1") ratio requirement of 13.0%, which will become effective on October 1, 2023.
/jlne.ws/3XCunPw
What's in a name? A lot of confusion for banks after SVB's failure
Stephen Gandel - Financial Times
Terry Peterson, the chief executive of regional bank Pacific West, was close to signing a lease for a new branch in early May when the landlord ghosted him. It took a few weeks and a lot of media reports before Peterson realised why his phone calls were not being returned: Jitters from the regional financial crisis that had started in mid-March with the failure of Silicon Valley Bank had hit confidence in other banks, including California-based Pacific Western, whose shares fell.
/jlne.ws/46uTMyC
HSBC departure spells doom for isolated experiment of Canary Wharf; A moated, gated, privatised space divided from the rest of London may have had its day
Edwin Heathcote - Financial Times
The Isle of Dogs was never an island but a peninsula, though it has often felt like one. It suited London's docks to be separate, an isolated city of warehouses and wharves stuffed with valuable cargo. A place with a culture of its own. Transformed since the 1980s into a steely, glittering island of impenetrable global finance, it still feels apart, rich but precarious.
/jlne.ws/3XC1Ppl
Big Banks Stay Cautious as Stress Doesn't End With a Test
Telis Demos - The Wall Street Journal
/jlne.ws/3PHrv1Y
UBS Balks at Potential IPO for Credit Suisse Domestic Unit, Swiss Paper Says
Bryce Baschuk - Bloomberg
/jlne.ws/3JCyEwI
Barclays Seeks End to Relationship With Odey Hedge Fund, FT Says
Max Reyes - Bloomberg
/jlne.ws/3NA8pIg
UBS goes on hiring spree for wealth managers catering to rich Americans
Tatiana Bautzer - Reuters
/jlne.ws/3JFISMJ
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Symphony Set for Speed to Drive the Age of Information
Shanny Basar - Markets Media
Brad Levy, chief executive of Symphony said the markets' infrastructure and technology platform's can grow through this cycle due to its real-time system and its ability to protect data. Levy told Markets Media: "We would love to be a destination for people to go to, and even more, to show up in existing workflows. We are showing up in applications and people will see us as a more embedded platform, similar to PayPal which just needs one click in the store where you are shopping."
/jlne.ws/44soDKp
Walgreens is closing 450 locations
Ramishah Maruf - CNN Business
Walgreens expects to close 150 locations in the United States and 300 locations in the United Kingdom, Walgreens Boots Alliance CFO James Kehoe said in the company's earnings call this week. The pharmacy chain reported lower earnings on Tuesday compared to the same quarter last year - $118 million, or 14 cents a share, compared to $289 million, or 33 cents a share, a year ago. The company is facing muted consumer spending and a pullback in demand for Covid vaccines.
/jlne.ws/3NvCs3Q
Grantham Warns AI Boom Won't Prevent Market Bubble From Bursting
Eric Wallerstein - The Wall Street Journal
The 2022 bear market appeared to be the crash that Jeremy Grantham had long predicted. This year's rally cut his victory lap short. Grantham, the co-founder of the Boston-based money manager Grantham Mayo Van Otterloo, has been warning of signs of froth in the stock market since at least 2015. He cautioned that the Federal Reserve's overstimulative policy would send markets to "bubbleland."
/jlne.ws/3CV9Dc2
Does It Help to Know How Much the Boss Makes?
Sarah Kessler - The New York Times
In 1933, the U.S. government asked 2,000 corporations listed on stock exchanges in New York to disclose how much they paid their top bosses - its first effort at making the pay of executives more visible. The idea was to encourage the "more conservative management of industry," The New York Times reported when it published some of the results on its front page.
/jlne.ws/3JH6yAu
What Will AI Do to Your Job? Take a Look at What It's Already Doing to Coders
Christopher Mims - The Wall Street Journal
Want to know if artificial intelligence is going to eliminate millions of jobs? The first place to look is the industry that birthed the technology. AI seems set to do to computer programming-and possibly other kinds of so-called knowledge work-what automation has done to other jobs, from the factory floor and the warehouse, to the checkout aisle and the call center.
/jlne.ws/3PEI1zy
If You Don't Have Anything Nice to Say, Don't Be a Reference
Roxane Gay - The New York Times
/jlne.ws/44nS0xk
EU Lawmakers Back Plan to Strengthen Remote-Worker Rights
Irina Anghel - Bloomberg
/jlne.ws/3JJlQoe
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| Wellness Exchange | | An Exchange of Health and Wellness Information | In the U.S., the world's deadliest animal is on the move; Rising temperatures are shifting mosquitoes - and the diseases they carry
Shannon Osaka - The Washington Post
The deadliest animal in the world is smaller than a pencil eraser and weighs around two-thousandths of a gram - less than the weight of a single raindrop. Every year, it kills an estimated 700,000 people by partaking in what scientists grimly call a "blood meal." It's the mosquito - and, increasingly, it's on the move. These global shifts, which will only accelerate as the planet warms, have sparked concern that the diseases mosquitoes carry will exact an even higher toll in the months and years to come.
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Shot to Protect Against Polio and Five Other Diseases Is Approved by Gavi; The international vaccine aid group agreed to provide developing countries with a new shot to prevent a global resurgence of the paralyzing virus.
Emily Baumgaertner - The New York Times
The governing board of Gavi, the international organization that provides vaccines to developing countries, added a new shot to its roster this week that could help to eradicate polio worldwide and prevent its resurgence. The new vaccine does not contain the live viruses that are in the polio vaccines currently used in some low- and middle-income countries. It adds what's known as an inactivated polio component into a multifaceted shot that is already being used to protect young children against five other dangerous infections. A similar shot is already available in the United States and some European countries.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India set for average rains in July, crop planting to accelerate
Rajendra Jadhav and Mayank Bhardwaj - Reuters
India is likely to receive an average amount of rain in July despite the likely emergence of the El Nino weather pattern, a senior weather department official said, encouraging farmers to accelerate crop planting which has progressed slowly due to patchy rains in June. The monsoon, vital for India's $3 trillion economy, delivers nearly 70% of the rain needed to water its farms and refill reservoirs and aquifers. It also brings relief from the worst of searing summer heatwaves.
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China Is Buying Gas Like There's Still an Energy Crisis
Bloomberg News
China is on a natural gas shopping spree, and officials are happy for importers to keep striking deals even after a global energy crisis has eased. The government continues to back efforts by state-owned buyers to sign long-term contracts and even invest in export facilities, in order to bolster energy security through the middle of the century, according to people who have had meetings with policymakers.
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China urges developing countries to oppose 'unrealistic' shipping levy; Emissions tax would impose high costs on maritime trade, says world's largest exporter
Oliver Telling - Financial Times
China has urged poorer countries to oppose a levy on shipping emissions and stronger targets for decarbonising one of the world's most polluting industries, criticising wealthy nations for setting "unrealistic" goals with "significant" financial costs.
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Austrian authorities seize vast terror arsenal from cell of neo-Nazis
Sam Jones - Financial Times
Austrian security authorities have seized a vast cache of weapons from a cell of neo-Nazis in an operation that exposes the growing terror threat of far-right extremist groups in Europe. Thirteen raids in Upper and Lower Austria over a 24-hour period recovered an arsenal of more than 800 lethal and illegal weapons, 10,000 rounds of ammunition and an array of Nazi "devotional items," Austrian officials said after disclosing the raids.
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Kenya Logging Freeze Reversal Seen Hurting Forests, Climate; Environment experts see risk of reduced forest cover in Kenya; Government forest plantations grew 5% during logging ban
Eric Ombok - Bloomberg
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UK dairy industry fears farm closures following processors' price cuts; Smaller farms at risk as production costs of milk exceed the amount that most farmers are paid
Madeleine Speed - Financial Times
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Paraguay's Next Finance Minister Wants More Local Currency Investors; Future Finance Minister Fernandez reiterates tax policy pledge; Fernandez sees at least $500 million global bonds early 2024
Ken Parks - Bloomberg
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American Cities Have a Conversion Problem, and It's Not Just Offices
Emily Badger - The New York Times
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Half of Americans face stifling heat, poor air quality
Brendan O'Brien - Reuters
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Widespread Drought Creates Winners and Losers in U.S. Agriculture
Patrick Thomas - The Wall Street Journal
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| Miscellaneous | | Stories that don't quite fit under the other sections | A 43-year-old entrepreneur with terminal cancer set up a charity to help children who lose a parent and named it after his 2-year-old daughter
Jyoti Mann - Insider
An entrepreneur who has terminal cancer and just weeks left to live has set up a charity to support children who lose a parent to a terminal illness. Nick Hungerford founded Elizabeth's Smile last year and named it after his young daughter. The British man co-founded Nutmeg, which was sold to JPMorgan for $700 million in 2021. He told BBC Radio 4's "Today" that it'd been a "great privilege" to "feel the love" of his family and friends despite facing death.
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Soros' Foundations to Cut 40% of Staff After Handover to Son; Open Society had more than 500 employees at end of 2021; Billionaire's son Alex Soros was named chair in December
Sophie Alexander and Sheridan Prasso - Bloomberg
Open Society Foundations, the nonprofit founded by billionaire George Soros, plans to cut at least 40% of its staff in the coming months. The charity, which earlier this month confirmed Soros, 92, was handing control to his son Alex, said Friday its board approved "significant changes" to its operating model. That includes "a substantial reduction in headcount of no less than 40% globally," according to a spokesperson.
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