| March 14, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Welcome to Pi Day. March 14 is celebrated annually as Pi Day because 3.14 represents the first three significant digits of ÏEUR (pi), a mathematical constant used to calculate the circumference of a circle. It's an irrational number, meaning it cannot be exactly expressed as a simple fraction and its decimal representation goes on forever without repeating. So far it has been estimated to 22 trillion digits and counting. Pi Day is celebrated by math enthusiasts around the world with activities that include eating pie, discussing the significance of ÏEUR, and engaging in mathematical competitions. So go out and have a piece of your favorite pie today.
Congratulations to the FIA and the FIA team on an excellent Boca 2024. I don't say that because they honored me with the Hall of Fame, though that definitely skews my perspective. It was a well run event, with terrific speakers and panels, good social events and arguments in the bar breaking out between crypto-bros and veteran exchange leaders. Thank you to Walt, Emma, Jackie, Elena and more for a great Boca.
Speaking of baking, Bakkt has some egg on its face today, as it was notified by NYSE of non-compliance with NYSE trading share price listing rules because, as of March 12, 2024, the average closing price of Bakkt's Class A common stock was less than $1.00 over a consecutive 30-day trading period. Bakkt has said it intends to cure the deficiency and return to compliance with the NYSE rules.
The U.S. Department of the Treasury and IRS have launched the Direct File Pilot Program, now offering a free tax filing service, including a Spanish version, starting at 1:00 p.m. on March 12, 2024. Available in 12 states for taxpayers with simple tax situations, Direct File is a free and secure platform that the Treasury Department says is user-friendly across devices, ensuring accurate returns without hidden fees. Treasury also provides live customer support.
The Financial Stability Oversight Council (FSOC), in collaboration with the Brookings Institution, is set to host a conference on Artificial Intelligence (AI) and Financial Stability on June 6-7, 2024, in Washington, D.C. The event will address the rapid integration of AI in financial services, discussing its benefits and potential risks to the financial system. Participants from both public and private sectors will explore the balance between fostering innovation and managing risks, and strategies for effective oversight of AI-related financial stability risks. The conference will take place at the U.S. Department of the Treasury and the Brookings Institution, with a live webcast available for public viewing. Further information is accessible on the Treasury's website.
At FIA Boca 2024, I ended up conducting 38 video interviews. We had three cancellations the last day and two the first day, but we rescheduled one and added one. We will start releasing those videos next week. We have some other editorial interviews we need to get out in the interim.
Our next conference will be the Options Industry Conference to be held April 30 to May 2, 2024 in Asheville, NC. The early bird registration fee break ends tomorrow, so register today with this LINK.
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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Our most read stories from our previous edition of JLN Options were:
- Kane to leave Citadel Securities for senior Miax role from Risk.net.
- Structured products and the 'broken Vix' discourse from the Financial Times.
- Broadridge Launches Global Futures and Options Fully Hosted Trading Platform from The Trade. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Bitcoin hits new record above $73,000 as demand from ETFs soars
Matthew Fox - Business Insider
Bitcoin surged to a new all-time high on Wednesday as demand from spot bitcoin ETFs continues to hit new records. The price of bitcoin jumped as high as 2.2% in Wednesday morning trades to hit $73,679. A bulk of the demand for bitcoin has been driven by spot bitcoin ETFs, which were launched in January after gaining approval from the SEC. On Tuesday, a record $1.1 billion flowed into spot bitcoin ETFs, excluding flows from the Grayscale Bitcoin Trust. Driving the charge in the spot bitcoin ETFs is BlackRock, which attracted a record $849 million in inflows on Tuesday, according to data from JPMorgan.
/jlne.ws/4cdlyTc
***** If Bitcoin has a parabolic price event like nickel, who steps in to stop it, or can anyone, when you have decentralized markets? And even if the CFTC had oversight over Bitcoin cash markets, that would only be U.S.-related cash markets.~JJL
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World in 'unknown territory' after heat records, says head of UN's climate body; IPCC chair Jim Skea believes 'more science needed' to understand extraordinary temperatures over past year
Lee Harris - Financial Times
Record temperatures over the past year have thrust the world into "unknown territory", the head of the UN's climate science body said, after the critical benchmark of 1.5C above pre-industrial levels was breached in the past year. Jim Skea, who took over last July as chair of the Intergovernmental Panel on Climate Change, said that he was "surprised, in one sense", that the average global temperature last year exceeded the 1.5C threshold set out in the Paris agreement.
/jlne.ws/3IAhDSM
****** Seems like the Earth decided to skip 'mild' and went straight for 'extra spicy' this year, leaving even the experts reaching for more data like it's a glass of cold milk.~JJL
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Nvidia founder tells Stanford students their high expectations may make it hard for them to succeed: 'I wish upon you ample doses of pain and suffering'
Orianna Rosa Royle - Fortune
We are often told that setting the bar high is key to success. After all, if you shoot for the moon and miss, at least you'll land with the stars. But Nvidia's CEO Jensen Huang wants privileged Gen Z grads to lower their expectations. "People with very high expectations have very low resilience-and unfortunately, resilience matters in success," Huang said during a recent interview with the Stanford Graduate School of Business. "One of my great advantages is that I have very low expectations."
/jlne.ws/4cgNhSN
***** Looks like Nvidia's CEO is rebooting the age-old wisdom for the tech-savvy generation: to truly reach the stars, you might need to start by debugging your dreams first.~JJL
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Wednesday's Top Three
Our top story Wednesday was Bloomberg's Grayscale Plans New Bitcoin Fund as GBTC Sheds Billions. Second was Stock Investor With 1,900% Gain Breaks Long Silence in Japan, also from Bloomberg. Third was Are penny stocks getting the memestock treatment? from the Financial Times.
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| Lead Stories | Superfluous people vs AI: what the jobs revolution might look like; The spectre of technological unemployment is causing fear - but we should treat the coming changes as an opportunity
John Thornhill - Financial Times
The first time I heard the term "superfluous people" was when reading the 19th-century Russian writers Alexander Pushkin and Ivan Turgenev. In their stories, mollycoddled, world-weary layabouts from the minor nobility would chase women, gamble away their inheritance and shoot each other in duels. Like the "fifth wheel on a cart," as Turgenev described them, they could find little purpose in life and their real-life counterparts would later be sucked into radical causes. Such elite overproduction is sometimes blamed for fuelling the Bolshevik revolution of 1917. The second time I heard the term "superfluous people" was in a more recent, and chilling, conversation with a West Coast venture capitalist. Only this time it was in connection with the artificial intelligence revolution. His view was that machines would soon be able to do almost all the jobs humans currently do, rendering a lot of us superfluous. "There will be only two types of jobs in the future: those that tell machines what to do and those that are told by machines what to do," he said. In other words, either you will be the one writing the algorithms instructing Uber drivers where to go. Or you will be the Uber driver being told by that algorithm where to go. Then again, both jobs might disappear with the arrival of fully self-driving cars.
/jlne.ws/4aclWQ1
Women Aren't Getting the Big Jobs at Goldman Sachs, and They're Heading for the Exits; The Wall Street giant pledged to bring more women into senior ranks. Instead, top talent says better opportunities are elsewhere.
AnnaMaria Andriotis and Andrea Fuller - The Wall Street Journal
When David Solomon became CEO of Goldman Sachs just over five years ago, he made promoting women to senior levels of the firm a priority. On Monday, he'll host several women partners for dinner at his Manhattan apartment where he'll face questions on why that hasn't worked out. Roughly two-thirds of the women who were partners at the end of 2018 have left the firm or no longer have the title, a Wall Street Journal analysis found. The same can be said of just under half of male partners at the time.
/jlne.ws/3Vhs19J
A New Surge in Power Use Is Threatening U.S. Climate Goals; A boom in data centers and factories is straining electric grids and propping up fossil fuels.
Brad Plumer and Nadja Popovich - The New York Times
Something unusual is happening in America. Demand for electricity, which has stayed largely flat for two decades, has begun to surge Over the past year, electric utilities have nearly doubled their forecasts of how much additional power they'll need by 2028 as they confront an unexpected explosion in the number of data centers, an abrupt resurgence in manufacturing driven by new federal laws, and millions of electric vehicles being plugged in.
/jlne.ws/4a7RRku
Genesis, Gemini Must Face SEC Suit Over Crypto 'Earn' Program
Bob Van Voris - Bloomberg
The Securities and Exchange Commission can proceed with its suit accusing Gemini Trust Co. and bankrupt cryptocurrency lender Genesis Global Capital of illegally offering unregistered securities through their interest-paying Gemini Earn product. US District Judge Edgardo Ramos in New York on Wednesday denied a request to throw out civil claims the SEC filed in January 2023. The agency is seeking an order barring Gemini and Genesis from selling unregistered securities, requiring them to give up money they illegally earned from the program plus civil penalties.
/jlne.ws/4aa9ekP
Bitcoin Tops $73,000 to Hit New Record On Insatiable ETF Demand
Emily Nicolle - Bloomberg
Bitcoin hit a fresh all-time high for the fourth time in six days, bolstered by record-breaking inflows into US exchange-traded funds tied to the cryptocurrency. The world's largest cryptocurrency reached a high of $73,664 on Wednesday, before paring its rise slightly to trade at around $73,080 as of 8:29 a.m. in New York. Meanwhile, net daily inflows into US spot Bitcoin ETFs on Tuesday topped $1 billion for the first time, data compiled by Bloomberg show, with BlackRock's IBIT setting its own record at $849 million in daily flows.
/jlne.ws/3ViC91R
Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Will Canny - CoinDesk
Spot bitcoin {{BTC}} exchange-traded funds could see $220 billion of inflows over the next three years, which means BTC's price could quadruple to $280,000 when applying the multiplier on new capital, broker JMP Securities said in a research report Wednesday. JMP analysts said crypto exchange Coinbase (COIN) remains well-positioned if their inflow estimates prove to be correct. The broker raised its price target on the stock to $300 from $220, the highest among Wall Street analysts, according to Factset data, while maintaining its market outperform rating. Coinbase shares were trading 2.6% higher at $262.92 at press time.
/jlne.ws/4aa8lZx
Time to stop dithering over the EU's capital markets union; Technical solutions are known, but political leadership is needed
The editorial board - Financial Times
After years of under-investment, the EU is recognising the enormous new capital resources needed to achieve a decarbonised, high-tech society able to protect its security and economic interests. This realisation is creating new impetus for a seamless capital market in the bloc. But its leaders still fall short of the political ambition Europe needs. The "capital markets union" agenda grew out of the eurozone debt crisis, which exposed a lack of financial risk-sharing between countries. Raising the euro's attractiveness globally through deeper investment pools was a secondary goal.
/jlne.ws/4ch0WJO
Fed Says Basis Trade 'Significantly' Smaller Than Estimated
Elizabeth Stanton - Bloomberg
The Treasury basis trade, a bond-market strategy that has drawn the scrutiny of regulators, could be as little as a third of commonly used estimates. The researchers used a new approach to estimate that a minimum of $317 billion of securities were related to basis trades as of January. The traditional proxy - short positions in Treasury futures held by leveraged funds as measured by the Commodity Futures Trading Commission - yielded an estimate of $991 billion, according to the March 8 report.
/jlne.ws/3IE0Vlm
Regulate AI? How US, EU and China Are Going About It
Courtney Rozen and Jillian Deutsch - Bloomberg
Governments don't have a great track record of keeping up with emerging technology. But the complex, rapidly evolving field of artificial intelligence raises legal, national security and civil rights concerns that can't be ignored. The European Union passed a sweeping law that would put guardrails on the technology; in China, no company can produce an AI service without proper approvals. The US is still working on its regulatory approach. While Congress considers legislation, some American cities and states have already passed laws limiting use of AI in areas such as police investigations and hiring, and President Joe Biden directed government agencies to vet future AI products for potential national or economic security risks.
/jlne.ws/3TwEAwp
Shipping's EU ETS costs could nearly triple due to Red Sea crisis, OceanScore says
Naida Hakirevic Prevljak - Offshore Energy
The Red Sea shipping crisis could result in nearly tripled costs for shipping companies in 2024 due to significantly higher exposure to the EU Emission Trading System (EU ETS). The EU ETS, which entered into force on January 1, 2024, comes as a result of the increasing regulatory landscape imposed by the International Maritime Organization (IMO) and the EU when it comes to reducing greenhouse gas (GHG) emissions for vessels transiting European waters and docking at European ports. Specifically, the EU emissions cap-and-trade system applies to cargo and passenger ships above 5,000 GT from 2024 and offshore ships above 5,000 GT from 2027.
/jlne.ws/43dLeuR
Bitcoin 'Halving' Is Just Weeks Away. What It Is-and Why It Matters.
Jack Denton - Barron's
Bitcoin prices surged to a record high this week, topping $72,000. But crypto bulls expect more gains after a sharp cut in Bitcoin's new issuance in April, an event known as the "halving." Here's what investors need to know. What Is the Bitcoin Halving-and When Does It Occur? One of Bitcoin's more appealing features is that supplies of new tokens are programmed to increase at a predictable rate, based on underlying software code. New tokens go into circulation every time Bitcoin "miners," who process transactions on the network, win a computing race to validate a block of transactions. The reward for each block is now 6.25 Bitcoins, worth about $441,000 at Bitcoin's recent price of $70,600. That is scheduled to be cut to 3.125 Bitcoins in mid-to-late April when the next halving is expected.
/jlne.ws/3wVRfAj
Crypto miners are pulling in more money than ever as bitcoin shatters records
Filip De Mott - Business Insider
Driving the rebound is Wall Street's emerging embrace of the asset, with 11 spot bitcoin ETFs launched in mid-January. The success of these funds is spurring even more institutions to jump into the race, including Wells Fargo and Merrill. Other tailwinds are yet to come, and include regulatory changes, loosening monetary policy, and the highly anticipated halving, Deutsche said. The latter, a four-year event that reduces the amount of bitcoin awarded to successful miners, is pushing firms to acquire new capital. Since February 2023, 13 firms have invested $1 billion in specialized computers and equipment, meant to boost operations.
/jlne.ws/3TkqJYK
World in 'unknown territory' after heat records, says head of UN's climate body; IPCC chair Jim Skea believes 'more science needed' to understand extraordinary temperatures over past year
Lee Harris - Financial Times
Record temperatures over the past year have thrust the world into "unknown territory", the head of the UN's climate science body said, after the critical benchmark of 1.5C above pre-industrial levels was breached in the past year. Jim Skea, who took over last July as chair of the Intergovernmental Panel on Climate Change, said that he was "surprised, in one sense", that the average global temperature last year exceeded the 1.5C threshold set out in the Paris agreement.
/jlne.ws/3IAhDSM
Liquidity and market data: The key ingredients for NDF algo uptake; The TRADE sits down with Connor May, former head of trading at Masa Capital, to discuss the current outlook for NDF algo adoption, how the market is adapting to improve trade efficiency in the space, and the state of play across LatAm markets.
Claudia Preece - The Trade
What is the current state of play for NDF algo uptake? I would say that the uptake has been limited so far and that the adoption has been slow. There's not many providers who are providing a true algo product, rather it's more like a smart order router to sweep liquidity, rather than internalising flow.
/jlne.ws/3v9zYDc
DTCC and S&P Global collaborate on joint T+1 solution; The T+1 service aims to support clients impacted by the upcoming T+1 settlement deadline set forth by the US Securities and Exchange Commission (SEC) slated for 28 May 2024.
Sophia Thomson - The Trade
Post-trade services giant Depository Trust and Clearing Corporation (DTCC) has collaborated with S&P Global Market Intelligence, division of S&P Global, to offer a joint solution aimed at aiding clients impacted by the US regulator's impending T+1 settlement requirements. This partnership supports the integration of S&P Global Market Intelligence's onboarding accelerator platform with DTCC's ALERT system, with the aim to improve transparency, efficiency, and straight-through processing in institutional trading.
/jlne.ws/3wTTZhH
TradingHub Appoints CFO and Global Head of Sales and Relationship Management on the Heels of Rapid Growth; Pioneer in next-gen trade surveillance technology taps two new senior executives to spearhead continued global expansion following 30% YoY growth
TradingHub
TradingHub, a leading provider of uniquely intelligent trade surveillance software for the global financial services industry, today announces the appointment of Stephen Bergin as CFO and Shayne Ganeson as Global Head of Sales and Relationship Management. The company's expanded senior executive bench will support TradingHub's continued growth of market share of its best-in-class tools for detecting even the most complex forms of market abuse and follows year-on-year annual recurring revenue (ARR) growth of 30 percent.
/jlne.ws/3TfHBQr
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | How the Czech Republic has just stopped Putin cold and saved Ukraine
David Axe - The Telegraph
Russia went to war in Ukraine two years ago with twice as many artillery pieces as Ukraine had. But it isn't the advantage in howitzers that really matters - it's the advantage in shells. After all, a single gun firing 50 shells a day is about as useful as two guns each firing 25. For hundreds of years, artillery has dominated land warfare. Firing far and hitting hard, it's the biggest killer of infantry, the main means of supporting an attack and the main means of supporting a defence.
/jlne.ws/3v9skss
Putin Halts Danone Russia Seizure, Clearing Way for Sale
Bloomberg News
President Vladimir Putin halted the seizure of the local Russian subsidiary of French yogurt maker Danone SA, clearing the way for a potential sale to a firm favored by the Kremlin. The presidential order, placed on the government portal, reverses a decision made under a July decree enabling the transfer of assets to the temporary management of a Russian government unit.
/jlne.ws/4ctpxLF
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US held secret talks with Iran over Red Sea attacks; Indirect negotiations in Oman aimed to end strikes against shipping by Tehran-backed Houthis
Felicia Schwartz and Andrew England - Financial Times
The US has held secret talks with Iran this year in a bid to convince Tehran to use its influence over Yemen's Houthi movement to end attacks on ships in the Red Sea, according to US and Iranian officials. The indirect negotiations, during which Washington also raised concerns about Iran's expanding nuclear programme, took place in Oman in January and were the first between the foes in 10 months, the officials said
/jlne.ws/3wRuXj4
Diaper Prices Up 600%: Inflation, Cash Shortages Compound Pain in Gaza; Palestinians are draining savings and struggling to get cash to pay for the limited food and essentials available
Omar Abdel-Baqui and Abeer Ayyoub - The Wall Street Journal
When Mustafa Ashqar and his wife were still living in Gaza City and working in apparel sales, the money they earned was enough to get by and provide for their baby girl. Today, living in Rafah alongside over a million other displaced Gazans, they struggle to afford diapers. "The prices are criminal," Ashqar said, describing a nearly 600% increase since the war began over five months ago.
/jlne.ws/48WtpSj
U.S. Probes Hamas's Use of Crypto Before Oct. 7; Treasury Department investigates $165 million in digital transactions linked to the militant group
Ian Talley and Angus Berwick - The Wall Street Journal
The U.S. Treasury Department is investigating $165 million in cryptocurrency-linked transactions that may have helped finance Hamas before the militant group's Oct. 7 attack against Israel, the agency said in a report to Congress. Treasury officials say the U.S.-designated terror group's increasing use of digital financing underscores the need for Congress to approve new powers to oversee cryptocurrency as Hamas's access to traditional sources of funding is hit by Western sanctions. But the drive to expand regulations has sparked pushback. Crypto advocates and lawmakers who support the industry have attempted to minimize the role of digital currencies in terror financing and other illicit activities.
/jlne.ws/4chAT4W
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | National Stock Exchange (NSE) Celebrates First 5 Listings on NSE-SSE
National Stock Exchange of India
The Social Stock Exchange (SSE) of the National Stock Exchange (NSE) achieves yet another milestone of celebrating its first five listings on the NSE-Social Stock Exchange (SSE) Platform - by Swami Vivekananda Youth Movement (SVYM), Transform Rural India, Mukti, Ekalavya Foundation; and SGBS Unnati Foundation. This remarkable event took place at the National Stock Exchange's (NSE) Headquarters in Bandra Kurla Complex (BKC), Mumbai, commemorating a significant step forward in impact-driven finance. These listings have resulted in the fund mobilization of approximately INR 8 Crore.
/jlne.ws/3VhmEY4
The Taiwan Futures Exchange Announcement
TAIFEX
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily
increased margin levels of GOF due to its underlying being subject to
disposition measures imposed by securities market. The margins will be
effective after the close of the regular trading session on 2024/03/14 and will
be restored to the current levels after the close of the regular trading session on
2024/03/26. (Margin levels will be increased from 2024/03/14 to 2024/03/26
and will be extended accordingly if the securities market is closed on any of the
days.)
/jlne.ws/3IzQeAz
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | 'Transformed' Trading Technologies Aims to Accelerate Growth
Editorial Staff - Traders Magazine
Fresh off a series of acquisitions and steady organic growth, Trading Technologies is seeking further expansion via multi-asset trading products and doing more business in Asia-Pacific. Speaking with Traders Magazine March 12 at the International Futures Industry Conference in Boca Raton, Trading Technologies Chief Executive Officer Keith Todd noted the company has "transformed" since his first FIA Boca event as CEO two years ago, with annual revenue up from $98 million to $170 million. Todd highlighted growth areas including a consolidated position in exchange-traded derivatives and traction in multi-asset class trading, including TCA and compliance. "We are focused on bringing multi- asset capabilities to the user."
/jlne.ws/3vaK6eR
Eventus Focuses on Multi-Asset Class Surveillance, Performance Enhancements
MarketsMedia
Eventus's focal areas so far in 2024 include multi-asset class trade surveillance, and performance improvements. "More clients are asking about multi-asset class surveillance," Eventus CEO Travis Schwab told Traders Magazine March 12 at FIA Boca. "In the past few years it's becoming more and more prevalent." Schwab cited new U.S. Securities and Exchange Commission fixed income rules that require some proprietary trading firms to register as broker-dealers, as well as the recent SEC approval of spot bitcoin ETFs, as factors that are increasing demand for multi-asset class trade surveillance.
/jlne.ws/3VgO7Jc
Reddit Sees More Than 20% Sales Growth in 2024 in IPO Roadshow
Amy Or - Bloomberg
Reddit Inc. is telling potential investors in its initial public offering that it expects revenue in 2024 to grow by more than 20% versus the previous year, according to a person familiar with the situation. The social media company gave guidance at a roadshow event that it was set for a similar revenue trajectory to what it saw last year, the person said. Revenue in 2023 grew to $804 million, according to its filing with the US Securities and Exchange Commission. That's 20.5% above the previous year's figure, data compiled by Bloomberg show.
/jlne.ws/4aa7lEL
Robinhood jumps after robust growth in assets under custody in February
Reuters
Robinhood Markets shares climbed nearly 13% in premarket trading on Thursday after the brokerage reported strong growth in assets under custody for the month of February, signaling continued boost from a comeback in cryptocurrency and stock trading.
/jlne.ws/3VkJhL4
Oracle adds generative AI features across its software lineup as it takes on Microsoft
Stephen Nellis - Reuters
Oracle on Thursday said it is adding generative artificial intelligence features across its corporate software lineup, intensifying competition with Microsoft and other technology firms to sell the technology to businesses customers. Oracle's cloud-based software offerings are central to many businesses in running their finances, supply chains and human resources departments, and the Austin, Texas-based company said that the new features are designed to save time for those people by generating reports, summarizing complicated data or drafting job descriptions, among other tasks.
/jlne.ws/3VeIV8H
BlackRock's Wiedman Says Pace of AI Spurring Debate at Firm
Silla Brush - Bloomberg
/jlne.ws/49TctNE
Nvidia CEO Huang Is Center Stage as Bulls Eye New Rally Triggers
Carmen Reinicke and Subrat Patnaik - Bloomberg
/jlne.ws/3TBcpww
Stripe in 'no rush' to go public as cash flow turns positive; Payments company has become a Silicon Valley bellwether as its valuation has risen and fallen over the past few years
George Hammond - Financial Times
/jlne.ws/3Pm2mZo
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| Cybersecurity | | Top stories for cybersecurity | Embracing Vulnerabilities: Cybersecurity And Machismo
Elliott Wilkes - Forbes
When we think of cybersecurity, "vulnerability," in most senses, is usually a cause for concern. We seek them out to patch and build strong defenses to mitigate their risks. What's particularly striking is that cybersecurity, and the language surrounding it, is all about strength and resilience. This language and its sentiment of absolute strength also seem to extend to the personnel who spend their days protecting organizations from threats.
/jlne.ws/3PkTHq9
Top cybersecurity officials stress more funding for federal agencies; Coker and Easterly applaud recommendations around cyber-physical resilience laid out in a new report from the President's Council of Advisors on Science and Technology.
Christian Vasquez - Cyberscoop
A presidential advisory report on improving the resilience of critical infrastructure sectors won the approval of the nation's top cybersecurity experts Wednesday, particularly around better funding for the agencies that are supposed to help them protect against cyberattacks.
/jlne.ws/3VddtI4
Put New Joint Cyber Defense Collaborative Priorities Into Action
Forbes
The US Cybersecurity and Infrastructure Security Agency (CISA) recently announced the 2024 cybersecurity priorities for the Joint Cyber Defense Collaborative (JCDC). The six priorities are grouped into three focus areas designed to harmonize cybersecurity goals and efforts across government and industry partnerships for critical infrastructure protection. At first glance, it may seem that these priorities lack correlation to your day-to-day operational activities.
/jlne.ws/48SZ7jd
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| Cryptocurrencies | | Top stories for cryptocurrencies | FlexTrade expands access to digital asset liquidity through Coinbase Prime integration; Development will also provide connectivity, consolidated depth of book and order placement within FlexTRADER and FlexONE.
Wesley Bray - The Trade
FlexTrade Systems has announced a direct integration with institutional prime broker platform for digital and crypto assets, Coinbase Prime. Through the integration, FlexTrade's clients will be provided with direct access to the digital assets liquidity pool via FlexTRADER EMS and FlexONE OEMS.
/jlne.ws/4a7fFWl
VanEck Spot Bitcoin ETF Sees Record $119M Inflow After Fee Cut to 0%
Krisztian Sandor - CoinDesk
Asset manager VanEck's spot bitcoin {{BTC}} exchange-traded fund (ETF) saw record daily inflows on Monday after cutting management fees to 0% for a year to make it more attractive. The VanEck Bitcoin Trust (HODL) attracted $119 million in fresh funds during the day, adding over 1,600 bitcoin, the most by a wide margin since its launch in January, data compiled by BitMEX Research shows.
/jlne.ws/3ICjaHW
Jack Dorsey's Block Begins Shipping Bitkey Bitcoin Wallets
Jamie Crawley - CoinDesk
Jack Dorsey's fintech company Block (SQ) has started shipping its new self-custody bitcoin wallet Bitkey after four months of taking pre-orders. Block unveiled Bitkey for pre-order in 95 countries last December, having commenced beta testing during the summer. In addition to its wallet function, Bitkey will connect to Block's payments platform Cash App and crypto exchange Coinbase (COIN) to allow buying and selling BTC within its app.
/jlne.ws/3VnwQOR
Buying bitcoin is like buying a NYC apartment: Michael Saylor
Julie Hyman - Yahoo Finance
Bitcoin (BTC-USD) has been on a hot streak, hitting new highs and gaining retail investor interest thanks to the new spot bitcoin ETFs. Longtime crypto bull Michael Saylor, the Executive Chairman of MicroStrategy (MSTR), expects it to go even higher. Saylor compares owning bitcoin to owning an apartment in New York City, saying people buy apartments there because of the long-term value it holds. He simplifies it like this "New York City is the endgame for people that want to live in the greatest city in North America. Bitcoin is the endgame for anybody that wants to own the greatest property in the 21st century."
/jlne.ws/3TAEIem
3 Events That Will Affect Bitcoin's Trajectory in 2024
RJ Fulton - The Motley Fool
Looking back on Bitcoin's (CRYPTO: BTC) 15-year history, there are several events that we can confidently agree had a significant effect on its trajectory. Developments like the creation of the first Bitcoin exchange like Mt. Gox streamlined transactions for early Bitcoin pioneers, while the recent approval of spot Bitcoin exchange-traded funds (ETFs) has given the cryptocurrency a new home on Wall Street.
/jlne.ws/3TiHL9H
Robinhood to Benefit From 'Monster' Crypto Cycle, Initiated Outperform by Bernstein
Will Canny - CoinDesk
Bernstein initiated coverage of trading platform Robinhood (HOOD) with an outperform rating and a price target of $30, citing a "monster" crypto cycle as the reason for the bullish call, the broker said in a research report Thursday. "We expect total crypto market cap to reach $7.5T by 2025 versus $2.6T today," and this means Robinhood crypto revenue should grow ninefold, the report said. The company said Wednesday that crypto trading volume on its platform rose 10% in February from January.
/jlne.ws/48ZrKv8
MicroStrategy Launches Second Note Sale This Month to Buy More Bitcoin
Olga Kharif - Bloomberg
/jlne.ws/3Vd5kmY
New Bitcoin ETFs Are Raking in Cash but Not From Financial Advisors. Here's Why.
Kenneth Corbin - Barron's
/jlne.ws/4agFzqh
Bitcoin is going to 'eat' gold because it has all of its positives and none of the negatives, Michael Saylor says
Aruni Soni - Business Insider
/jlne.ws/3v2JoQW
What the Kate Middleton story tells us about bitcoin; (It's nothing)
Bryce Elder - Financial Times
/jlne.ws/4aciox1
Ethereum Finalizes 'Dencun' Upgrade, in Landmark Move to Reduce Data Fees
Margaux Nijkerk - CoinDesk
/jlne.ws/43oYj4v
Solana's price rises to $160, highest level since January 2022 as memecoin mania rises
Jacquelyn Melinek - TechCrunch
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| Politics | | An overview of politics as it relates to the financial markets | Wall Street Slams NY Lawmakers Over Sovereign Debt Bill
Zijia Song and Zach Williams - Bloomberg
Tension is rising between Wall Street and New York lawmakers over a state bill meant to overhaul the process of re-negotiating defaulted government debt. Lawmakers in Albany unveiled the Sovereign Debt Stability Act on Wednesday, a bill that stands to ramp up oversight on how debt from defaulted nations is restructured with creditors. Just minutes before the official announcement, though, a cohort of trade organizations came out strongly opposing the proposal.
/jlne.ws/3TBM7KD
Steven Mnuchin Says He Is Putting Together a Group to Buy TikTok; Former Treasury Secretary's comments come after House voted to ban the app in the U.S. or force a sale
Gareth Vipers - The Wall Street Journal
Steven Mnuchin is putting together a consortium to try to buy TikTok, the Former Treasury Secretary said. "I think the legislation should pass and I think it should be sold," Mnuchin said on CNBC's "Squawk Box" Thursday. "It's a great business and I'm going to put together a group to buy TikTok."
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Big Profits and High Prices: There Is a Connection; But junk fees, shrinkflation and corporate concentration are probably not the reason, no matter what Biden says
Greg Ip - The Wall Street Journal
Sometimes President Biden sounds as though he is running for re-election against John D. Rockefeller, not Donald Trump. In his State of the Union address last week, Biden slammed "big pharma," "big landlords" and the "biggest corporations" that "pad their profits" with "shrinkflation," "price gouging," "deceptive pricing," "exorbitant prices" and "price-fixing." Inflation, of course, is a macroeconomic phenomenon reflecting supply, demand and monetary and fiscal policy, including Biden's own spending. Yet cut through the hyperbole, and there is a factual core to Biden's accusations in need of investigation.
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Trump floats billionaire Paulson as potential Treasury chief, Bloomberg reports
Reuters
Donald Trump, who is set to face President Joe Biden in November's presidential election, has talked about selecting billionaire hedge fund manager John Paulson as his Treasury secretary should he win, Bloomberg reported on Wednesday. Paulson's name has been mentioned in recent discussions, according to the report that cited unnamed people familiar with Trump's thinking.
/jlne.ws/49039Gp
Biden Says US Steel Should Stay American Owned and Operated
Jordan Fabian - Bloomberg
President Joe Biden said United States Steel Corp. should retain American ownership, coming out against a takeover by Japan's Nippon Steel Corp. despite the risk of upsetting a key ally. US Steel extended losses in premarket trading, after plunging 13% on Wednesday after reports that Biden would express concerns about the deal. The shares are now trading about 30% below the offer value.
/jlne.ws/3Vi726x
Austria Expels Two Russian Diplomats Suspected of Spy Activity
Marton Eder - Bloomberg
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Norway Expects to Reach NATO Defense Spending Target This Year
Ott Ummelas - Bloomberg
/jlne.ws/4c9j9Jj
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| Regulation & Enforcement | | Stories about regulation and the law. | Bakkt Notified by NYSE of Non-Compliance with NYSE Trading Share Price Listing Rule; Intends to cure the deficiency and return to compliance with NYSE standard
Bakkt
Bakkt Holdings, Inc. announced today that the New York Stock Exchange (the "NYSE") notified the Company (the "Notice") that the Company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because, as of March 12, 2024, the average closing price of the Company's Class A Common Stock (the "Common Stock") was less than $1.00 per share over a consecutive 30-day trading period. The notice does not result in the immediate delisting of the Common Stock from the NYSE.
/jlne.ws/3VlLh5N
CFTC Files Action to Permanently Revoke Registrations of Mississippi Man Convicted on Criminal Charges
CFTC
Washington, D.C. - The Commodity Futures Trading Commission today announced it commenced a registration action against Ted Brent Alexander of Jackson, Mississippi. The CFTC action is based on Alexander's guilty plea to conspiracy to commit wire fraud in a federal criminal case.
/jlne.ws/3TEf3le
ASIC and APRA release a cross-industry information package on the Financial Accountability Regime
ASIC
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).
/jlne.ws/48VZVE6
Federal Court finds Finder Earn product was not a financial product
ASIC
The Federal Court has found that Finder Wallet Pty Ltd did not provide unlicensed financial services in relation to crypto-asset related product Finder Earn. ASIC alleged that the Finder Earn product was a debenture. This is because customers deposited money with Finder Wallet on the understanding that their money would be repaid, together with a return for allowing Finder Wallet to use their capital. The Court rejected this contention and found the product was not a debenture.
/jlne.ws/4cgIHUB
Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness
Nikhil Rathi - FCA
Three years ago, I set out to transform the FCA to become a more innovative, adaptive, assertive regulator. To place data at the heart of everything we do. To test and use our powers to the limit. To deliver a step change in our operational performance, as we have done when it comes to authorisations, including to support financial services competitiveness.
/jlne.ws/490dMZP
SFC warns public against unlicensed virtual asset trading platform Bybit
SFC
The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) known as Bybit, which offers trading services in crypto-related products in a number of jurisdictions.
/jlne.ws/3ICmWkM
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Cummins $1.5 Billion Atmus Exchange Offer Draws Hot Money Trades
Yiqin Shen - Bloomberg
Cummins Inc. plans to distribute its remaining stakes in Atmus Filtration Technologies Inc. about a year after carving out the unit in an initial public offering, opening the door for traders to swarm the $1.5 billion exchange offer. The engine and power generator maker launched a deal last month that allows Cummins investors to swap their shares for Atmus stock at a discount of 7% to a volume-weighted average price, with an exchange ratio of 12.0298. Cummins retained more than 80% of Atmus's shares following the unit's initial public offering last May.
/jlne.ws/4chuEy2
Traders Pile Into Bullish Copper Options as Output Cuts Loom
David Marino and Yvonne Yue Li - Bloomberg
Traders bought into bullish copper options Wednesday, betting the industrial metal's rally will extend on possible supply tightness and monetary easing. Total options volume spiked to more than 52,000 contracts, according to exchange data. Implied volatility and the call skew jumped, signaling additional bets on higher prices.
/jlne.ws/49OYcBJ
Commodities Get Pulled Into the Global Short-Volatility Trade
Alex Longley, Archie Hunter, Mark Burton and Priscila Azevedo Rocha - Bloomberg
Traders are betting against volatility in raw materials prices, countering the commodity sector's notoriously boom-and-bust history. Whether it's an oil market that is stuck firmly in a range due to OPEC+ cuts and abundant spare capacity, or copper prices torn between surging renewable demand and strains in more traditional consumption areas, there have been plenty of factors keeping the world's commodity prices stuck in recent months. Gas volatility is back to where it was before a supply crisis in Europe.
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Gold's Record-Setting Pace Is Exuberantly Rational; The economic backdrop is increasingly favorable for the yellow metal to achieve fresh highs.
Marcus Ashworth - Bloomberg
Gold has definitively broken out of the range it's been stuck in since the start of this decade, reaching a record $2,195 per troy ounce this month. While a surge of buying from China is likely behind the recent rally, some of the more conventional factors that typically propel the yellow metal are starting to fall into line. Fresh records beckon.
/jlne.ws/3PjPV0p
Corporate defaults running at highest level since global financial crisis, says S&P
George Steer - Financial Times
More companies have defaulted around the world since January than in any start to the year since the financial crisis, according to rating agency S&P Global.
/jlne.ws/48XdKSu
Commodities house Mercuria parts with global head of trading; Magid Shenouda's exit comes as Swiss group prepares for arrival of star Macquarie trader Nick O'Kane
Tom Wilson - Financial Times
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Activist demands Glencore move its primary listing from London to Sydney; Australian hedge fund Tribeca says the UK is 'no longer the home of mining'
Harry Dempsey - Financial Times
/jlne.ws/3TzTAtk
Chocolate prices likely to soar as African cocoa processing plants can't afford to buy beans
Reuters via New York Post
/jlne.ws/3IzQ9wL
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Zero: John Kerry, the Forrest Gump of Climate, Bows Out; "Everybody who is an activist on the climate issue needs to be even more active," says US special presidential envoy for climate John Kerry on this week's Zero.
Akshat Rathi, Jennifer A Dlouhy, and Magnus Henriksson - Bloomberg (podcast)
John Kerry, the US special presidential envoy for climate, is stepping down on Wednesday. Bloomberg Green published a look back at his three years in the role as he rebuilt the US's global credibility on climate action. Zero host Akshat Rathi also got a chance to sit down with Kerry in Paris to talk about his tenure, and what US climate action will need going forward. Listen to the full episode and learn more about Zero here. Subscribe on Apple or Spotify to stay on top of new episodes.
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3 big ways the new SEC rule will change ESG reporting; Emissions reporting is about to get faster, stricter and more detailed.
Heather Clancy - GreenBiz
The U.S. Securities and Exchange Commission's new rule on corporate climate risk disclosure was a disappointment to those who felt it did not go far enough but it nonetheless offers clarity for companies juggling multiple international jurisdictions, sources told GreenBiz. The SEC adopted the rule last week after two years of considering more than 24,000 comment letters. The rule is weaker than the original proposed in 2022: Companies won't have to disclose their Scope 3 indirect emissions from supply chains and customers. And smaller public companies with a market cap of less than $75 million are exempt. Still, the new mandate - requiring disclosure of direct Scope 1 and 2 emissions - will force companies to publish their environmental data on the same schedule as their routine SEC filings and account for it in a more rigorous way.
/jlne.ws/3TzT6U2
California's Long-Time Clean Air Cop Talks Trump, China and EVs; Mary Nichols says electric vehicles are doing just fine, thank you very much.
Gabrielle Coppola and Keith Laing - Bloomberg
Q&A With a Former CARB Chair. Mary Nichols, the former chair of the California Air Resources Board, fought many battles over the course of her 15-plus years as the head of the state's powerful regulatory body. During her first term, CARB demanded carmakers install catalytic converters to neutralize air pollutants. From 2016 to 2020, she fended off the Trump administration's attempt to revoke California's right under the Clean Air Act to set its own air-quality standards.
/jlne.ws/3IxV7Kp
Zombie car factories on the rise in China as buyers opt for EVs; Plants geared to producing internal combustion engines increasingly mothballed as foreign groups lose market share; Carmakers in China are 'in a fight for survival'
Edward White - Financial Times
In 2017, Hyundai invested $1.15bn in a new factory in Chongqing, southwestern China, with the goal of reaching an annual output of 300,000 internal combustion engine cars. But six years later, the rapid switch by Chinese consumers to electric vehicles has stalled sales, forcing the automaker to sell the factory in December for less than a quarter of the investment value.
/jlne.ws/48PKygd
Big Oil's climate targets
Reuters
The world's biggest oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the combustion of the products they sell. Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to stand any chance of meeting the 2015 Paris Agreement goal of keeping warming well below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.
/jlne.ws/49TgYb0
Shell Weakens 2030 Emissions-Cut Target in Move Away From Clean Power; Carbon intensity reduction target for 2030 is now 15% to 20%; Change reflects move away from retail clean-power business
Laura Hurst - Bloomberg
/jlne.ws/3PkEplx
Can Europe Save Forests Without Killing Jobs in Malaysia? A new regulation aims to rid the palm oil supply chain of imports that come from former forestland. Southeast Asian countries say it threatens livelihoods.
Patricia Cohen - The New York Times
/jlne.ws/3TKZHLP
Shell shakes up climate targets as it plans to keep gas business growing; Energy major gives itself more flexibility on timing of plans
Tom Wilson - Financial Times
/jlne.ws/3wTMjvT
Wood energy giant Enviva files for bankruptcy; US pellet supplier to power plants brought down by debt, higher costs and a trading loss
Patrick Temple-West and Amanda Chu and Rachel Millard - Financial Times
/jlne.ws/43lVHEr
Australian Miner Sells Lithium Before Auction as Prices Rise; Pilbara Minerals accepted pre-auction offer of $1,200 a ton; Market shows signs of life with spodumene prices increasing
Annie Lee - Bloomberg
/jlne.ws/4ceU7Iu
C-Suite executives share ESG best practices on how to communicate well in a polarized environment
Amy Brown - Thomson Reuters
/jlne.ws/3ICiFhe
UK review says even polluters should benefit from transition finance
Huw Jones - Reuters
/jlne.ws/4ccRBTb
Climate adaptation investor roadmap points way through global warming
Reuters
/jlne.ws/3TA6mYN
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs to resume bets on US property, other investors warn of more pain
Iain Withers - Reuters
Goldman Sachs Asset Management will resume "actively investing" in U.S. commercial property this year because the market is bottoming out, its real estate head said, while other investors said the market downturn still had further to run. Prices of U.S. offices and other commercial properties have fallen sharply in the face of higher interest rates and soaring vacancy rates that have outpaced other countries since the pandemic.
/jlne.ws/3PjL6nP
JPMorgan hires former Global X chief investment officer as ETF strategist
Suzanne McGee - Reuters
JPMorgan Chase & Co said on Wednesday its asset management division had hired Jon Maier, the former chief investment officer of Global X, to head a new global research effort focusing on exchange-traded funds (ETFs). Assets at J.P. Morgan Asset management's ETF division stood at $8.43 trillion at the end of 2023, having grown from $2.02 trillion in 2014 when the bank entered the ETF business, according to TrackInsight.
/jlne.ws/3IAB91p
Deutsche Bank cuts cash bonuses by up to 50% over Postbank IT fiasco; Lender said service disruptions over botched migration project were 'unacceptable'
Olaf Storbeck - Financial Times
Deutsche Bank slashed cash bonuses of senior executives by up to 50 per cent in the wake of a botched IT project that caused chaos for German retail clients and attracted a rebuke from banking watchdog BaFin. It is the second year in a row that the lender's supervisory board has trimmed payouts for the bank's most senior staff to reflect shortcomings. Last year it axed EUR1mn in executive pay over missed milestones and delays in improving internal controls.
/jlne.ws/4aef0BO
Cohen's Point72 Shuns New Cash With Assets at Record $32 Billion
Miles Weiss - Bloomberg
Point72 Asset Management raised roughly $3.8 billion over the past year, bringing assets to a record high, six years after founder Steve Cohen returned to the hedge fund industry. The firm managed about $32.3 billion at the start of this year, with Cohen accounting for a third of the total. That's more than its predecessor, SAC Capital Management, ever did in its two-decade history.
/jlne.ws/3IC5qwT
Hedge Fund That Shorted Petrobras Scores Win on Friday's Tumble
Vinicius Andrade - Bloomberg
The plunge in shares of Brazilian state-owned oil company Petroleo Brasileiro SA that erased about $11 billion in value in a single session helped boost returns at a Rio de Janeiro-based hedge fund manager. Vista Capital's flagship fund rose 2.3% after fees on Friday, beating all 154 peers tracked by Bloomberg. The fund trimmed its year-to-date losses at the end of last week thanks to a bearish Petrobras wager that had been built as a hedge for its exposure to Brazilian equities.
/jlne.ws/3TBALVN
A hedge fund run by a Harvard physics grad delivered 20% returns in 2023 betting on extreme weather
Phil Rosen - Business Insider
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Mizuho Gets Most of Fired US Banker's Racial Bias Suit Dismissed; Former VP claims non-Japanese employees faced discrimination; His case against Mizuho will proceed on narrowed bias claims
Chris Dolmetsch - Bloomberg
Mizuho Bank won dismissal of most claims in a former vice president's suit accusing the bank of discriminating against non-Japanese employees, but a narrowed case was allowed to proceed in New York federal court. David Kurtanidze, who worked in Mizuho's New York office, sued the third-largest Japanese bank for $10 million in August. He claims he was denied promotions and treated differently from Japanese staff despite performing well and having prior experience at US banks like Morgan Stanley and Goldman Sachs Group Inc.
/jlne.ws/43eSKFR
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Spending time with dogs can relieve stress - and help you concentrate too, scientists say
Alexandra Klausner - NY Post
No arf-ing kidding. Any canine owner can tell you that dogs relieve stress - now, a new study backs them up. Researchers from Konkuk University in South Korea discovered that spending time with dogs helps people relax and concentrate. For the study, published in Plos One, the experts recruited 30 adults and measured their brainwaves via electrode headsets, while they interacted with a lovable poodle named Aro. They did the following eight activities with Aro for 3 minutes each: meeting, walking, playing, feeding, hugging, massaging and photographing.
/jlne.ws/4agQS1H
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's National Team Cools ETF Buying After $50 Billion Spree
Bloomberg
China's state funds bought around $50 billion of the nation's equities over the past five months, with purchases slowing during the annual meeting of the nation's top legislators, according to an analysis by Bloomberg Intelligence. The so-called National Team, including sovereign wealth fund Central Huijin Investment Ltd., made most of the purchases in late January and early February through exchange-traded funds, a BI report showed. While some $5 billion was likely spent in the first two days last week, the flows dwindled to almost nothing after that, the data indicated.
/jlne.ws/3ICW3gw
China's Teapot Oil Refiners Slash Output as Industrial Demand for Fuel Fizzles
Bloomberg
China's uncertain economic prospects are stressing the oil refiners that produce diesel, the fuel that powers much of the country's industrial activities. Operating rates at smaller, private refineries clustered in Shandong province - dubbed teapots - have fallen to a two-year low. Strip out the Shanghai lockdown and the start of the pandemic, and runs haven't been this feeble since 2016. Diesel is the teapots' main product.
/jlne.ws/3Pl7hda
Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale
Dinesh Nair, Swetha Gopinath, Matthew Martin and Julia Fioretti - Bloomberg
Saudi Arabia is in talks to add top Wall Street banks for a secondary share sale in oil giant Aramco, as it pushes ahead with one of the largest stock offerings in recent years, people with knowledge of the matter said. The kingdom plans to hire JPMorgan Chase & Co. as one of the main underwriters to the offering, the people said, asking not to be identified as the matter is private. Bank of America Corp. and Morgan Stanley are also contending for lead roles on the deal, which could raise as much as $20 billion, according to the people.
/jlne.ws/43jTmK7
Kenyan Shilling Goes From Laggard to Leader in One Quarter; Currency has gained 15.2% in the first quarter of the year; Momentum signal says rally may have gone too far too soon
Bella Genga and Adelaide Changole - Bloomberg
Kenya's shilling has staged a comeback that's vaulted it from one of the worst to the best in the world in less than three months. As recently as January 26, the shilling was the third worst performer globally, plumbing a record low versus the dollar. Since then, it has rebounded more than 20%, aided by a mix of factors, including a new eurobond issue. Its year-to-date gain puts it far ahead of the world's second-best performer - the Sri Lankan rupee - which has strengthened 6.1%.
/jlne.ws/48OOiyN
Europe's refineries in demand as Ukraine war boosts oil margins; Falling capacity pushes up premiums for diesel ahead of crude
Lukanyo Mnyanda - Financial Times
When energy trader Vitol launched a bid to buy one of Europe's largest oil refineries last month, it demonstrated how Russia's invasion of Ukraine has boosted competition for increasingly scarce refining capacity. The agreed deal to purchase a controlling stake in Saras, which has a refinery in Sardinia, from the family of Italian billionaire Massimo Moratti came less than a year after Vitol had lost out to rival Trafigura in a battle for control of another giant refinery in Sicily. Europe's refineries have been in long-term decline, as major oil companies shut plants to try to meet net zero emissions targets and face the threat of electric vehicles.
/jlne.ws/4aacnkD
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