| June 15, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Does it seem hot to you? Well, according to a Bloomberg story the world just experienced its hottest early June in history. Bloomberg said, "Global temperatures during the first 11 days of June have hit the highest level on record for the time of the year."
In the U.S., a Texas heat wave is going to bring 105 degree heat-index temperatures for several days to the Dallas-Fort Worth area, The New York Times reported.
The Financial Times has a story today titled "The seven companies driving the US stock market rally" that includes this nugget, "Apple is worth more than the entire Russell 2000 of smaller US companies."
The FT is reporting that Odey Asset management is being broken up after fallout from sexual misconduct allegations against its founder. Maybe broken up, shredded and buried would be more appropriate.
Money.net has a YouTube discussion on current market dynamics, 0DTE, floor trading, retail flow and more with Steven Orr in a video titled "The Paradigm Shift in Option Contracts (with Henry Schwartz, VP of Client Engagement at CBOE)."
Attacking Gary Gensler seems to be part of the current strategy in the crypto-SEC wars. See the Gensler-focused stories in the Leads section as a reference.
I followed through on it and I am no longer registered with the NFA. I have withdrawn my registration. John J. Lothian Managed Futures LLC also withdrew its registration, though it is still showing me as an approved member, so I must have done something wrong in my withdrawal filing.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The seven companies driving the US stock market rally; A surge in the S&P 500 is dominated by tech stocks masking humdrum performances for the vast majority
Katie Martin and Nicholas Megaw - Financial Times
Stock markets in 2023 are not quite what they seem. At first glance, the pessimists are taking a beating. Investors and influential analysts had entered the year expecting 2022's aggressive series of interest rate rises to bite. The consensus was for an economic recession to hit the US, dragging stocks down.
/jlne.ws/3CwryG4
***** These are not the Seven Dwarfs. Somehow I have six of them in my portfolio.~JJL
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When Is a Digital Token a Security, and Why Does It Matter? A seemingly technical question could shape the future of crypto.
Pat Regnier - Bloomberg
The fight over crypto is boiling down to an exasperatingly fine legal point: whether digital coins are securities. If coins are securities, they're subject to a raft of US regulations, including ones about financial disclosures and investor protection. And so are the exchanges where people trade them.
/jlne.ws/3PeU5qX
***** I say we get Gensler and Behnam and let them slug it out over this question.~JJL
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A $204 Million Mansion Is Dubai's Most Expensive House for Sale; With interiors covered in gold leaf and marble, the Versailles-inspired property is ideal for someone who wants to "show off."
Lisa Fleisher - Bloomberg
A mansion evocative of Versailles is for sale in Dubai for 750 million dirhams ($204 million), making it the most expensive house on the market in a city where luxury property is red-hot. The home in the desirable Emirates Hills neighborhood has 60,000 square feet of indoor space though only five bedrooms: At 4,000 square feet, the primary bedroom is bigger than most homes. The ground floor has rooms for dining and entertaining.
/jlne.ws/467E10s
***** There is the adage, "Don't buy the most expensive house on the block." I wonder what the other houses on the block are like.~JJL
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Saudi Arabia Sought to Push Oil Prices Higher. Markets Had Other Ideas; Higher-than-expected production and worries about slowing demand are weighing on crude
David Uberti - The Wall Street Journal
Saudi Arabia's move to reduce crude output was designed to prop up global oil markets. The past week has shown how difficult that will be. Prices have fallen in four of the past five sessions and are now hovering near 2023 lows, with traders parsing better-than-expected production by sanctioned countries including Russia and Iran and fears of an international industrial slowdown that could slow growth in fuel demand.
/jlne.ws/3JDcZ7F
***** This effort by Saudi Arabia to influence the price of crude reminds me of the time when Cargill dropped the basis in soybeans and corn dramatically in 1984 when I was a reporter for Commodity News Services. Cargill was trying to break a strong market. The futures were called to open sharply lower, opened unchanged and closed limit up.~JJL
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Wednesday's Top Three
Our top story Wednesday was The Telegraph's The crime wave in the English countryside fuelling the Russian black market. Second was a tie between the Cboe press release Cboe Global Markets Announces New Senior Leadership Appointments to Support Continued Global Expansion and Future Growth and Workers want to stay remote, prompting an office real estate crisis, from The Washington Post. Third was John Lothian's LinkedIn post about wearing a kilt to the FIA IDX Gala in 2011, which turned Jeremy Grant's kilt challenge into a tradition.
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MarketsWiki Stats
27,341 pages; 245,226 edits
MarketsWiki Statistics
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| Lead Stories | The AI Boom Has Silicon Valley on Another Manic Quest to Change the World; A guide to the new AI technologies, evangelists, skeptics and everyone else caught up in the flood of cash and enthusiasm reshaping the industry.
Brad Stone - Bloomberg
In late May, 300 entrepreneurs, venture capitalists, journalists and assorted self-described thought leaders crammed into Shack15, a stylish social club on the second floor of San Francisco's Ferry Building, where most spoke in soaring terms about what they saw as the next gold rush. The gathering, dubbed a "Generative AI Meeting of the Minds," would've been unthinkable during the pandemic and improbable earlier this year, when the city's main obsessions often seemed to be car break-ins and retail store closures. The night had the feel of a religious revival. "Something is happening, something is cracking open," said the evening's host, futurist writer Peter Leyden, in the first of many upbeat speeches. Just as everyone "was talking about the demise of San Francisco, how everyone is leaving the Bay Area, how no one wants to live in California, how we are in doom loops-that's exactly the time you know the place is right about to burst open in reinvention," Leyden said to applause. The speech, the whole event, captured the feeling coursing through tech circles these days: Silicon Valley is back.
/jlne.ws/3N22awE
Crypto Gets Its Moment of Clarity, But Not the One It Wanted; Suits against Binance and Coinbase offer even more proof that the SEC is cracking down.
Hannah Miller - Bloomberg
The crypto industry is running out of ground to stand on, particularly in the US. Since the price of Bitcoin tumbled off its exuberant $69,000 high in late 2021, the bear market in digital assets has often been described as a "crypto winter." That's not bleak enough to capture what's happened. In quick succession, crypto has seen financial contagions, multiple cases of alleged fraud and outright theft, the collapse of several trading and lending platforms, and the evaporation of about $1.8 trillion in market value across all coins. Celebrity endorsers have been embarrassed and in some cases fined, trend-chasing venture capitalists have pivoted their attention to chatbots, and the letters "FTX" have been taken down from Miami's basketball arena. And millions of ordinary investors have been badly burned.
/jlne.ws/3NyBbdH
Crypto Can Run, but It Can't Hide; Cryptocurrency firms besieged by the SEC might be lured to friendlier jurisdictions overseas, only to cause more scandals
Jon Sindreu - The Wall Street Journal
For countries that have long wanted a piece of the crypto pie, the U.S. regulatory crusade against digital finance could be a blessing-until the next big fraud blows up in their backyard. Crypto exchanges claim to be fighting an existential battle in the U.S., following the Securities and Exchange Commission's lawsuits against Binance and Coinbase. Yet bitcoin and ether prices, as well as Coinbase stock, have held up surprisingly well.
/jlne.ws/3p3HCMc
HSBC and Standard Chartered pressed by Hong Kong regulator to take on crypto clients; Regulators are pushing for banks to accept more exchanges as clients in quest to develop digital assets industry
Kaye Wiggins, Eleanor Olcott, William Langley and Chan Ho-him - Financial Times
Hong Kong's banking regulator is pressuring lenders including HSBC and Standard Chartered to take on crypto exchanges as clients, even as US regulators crack down on the industry. At a meeting last month, the Hong Kong Monetary Authority questioned the UK-based lenders and Bank of China on why they were not accepting crypto exchanges as clients, three people with knowledge of the matter said.
/jlne.ws/43EsDYn
Odey Asset Management to be broken up; Firm struggles to contain the fallout from sexual misconduct allegations against founder
Antonia Cundy and Madison Marriage - Financial Times
Odey Asset Management is being dismantled, with the embattled hedge fund firm saying it is in "advanced discussions" to transfer certain of its funds and staff to rival firms in the wake of sexual misconduct allegations against its founder. The firm has struggled to contain a spiralling crisis after a Financial Times investigation last week reported allegations of sexual assault or harassment from 13 women against its founder Crispin Odey.
/jlne.ws/3Jda4ly
Gary Gensler's crypto playbook: Steal the spotlight from Congress, and shine it on the SEC
Jeff John Roberts - Fortune
Gary Gensler is a master of playing the media. Last October, for instance, the Securities and Exchange Commission chair released a video early one Monday morning announcing the agency had fined Kim Kardashian for her role in promoting an obscure crypto token. Even though the incident dated from June 2021 and was widely viewed as insignificant, the mix of celebrity scandal and the timing of the video let Gensler and the SEC bask in wall-to-wall news coverage.
/jlne.ws/3N8PXGy
Gary Gensler's Catch-22 Vision of 'Regulated' Crypto Brokers
David Z. Morris - CoinDesk
The House Financial Services Committee heard testimony from experts and insiders yesterday on the burning question of the best way to regulate digital asset markets. The discussion was specifically focused on a pair of draft bills on crypto market structure and stablecoin regulation, but also unfolded under the shadow of the U.S. Securities and Exchange Commissions' (SEC) active lawsuit against the U.S. crypto exchange Coinbase. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here. The final witness on the lineup was Aaron Kaplan, co-founder and CEO of Prometheum, "a FINRA [Financial Industry Regulatory Authority] and SEC regulated ATS [alternative trading system] and broker-dealer in digital asset securities" incorporated in 2021 and expected to launch in the third quarter of this year.
/jlne.ws/3Cxu0vM
Is the US trying to kill crypto?
Natalie Sherman - Business reporter, New York - BBC
Is the US out to kill crypto? Maybe. Three years ago, the majority of the firms in the sector that Andrew Durgee's company invested in were based in the US. This year, he estimates that just one out of every 10 will be - a reflection of his firm's judgement that the country has been growing increasingly hostile to digital assets such as cryptocurrencies and tokens.
/jlne.ws/3N1V5w4
U.S. SEC Out-of-Bounds in Dragging DeFi Into Proposed Exchange Rule, Industry Says
Jesse Hamilton - CoinDesk
The U.S. Securities and Exchange Commission (SEC) wants to stretch how it identifies exchanges it needs to regulate, and the agency's inbox is jammed with crypto industry letters accusing it of reaching well beyond its legal powers and potentially forcing rules on services the platforms need, such as electric companies.
/jlne.ws/3N5HcNv
Swiss parliament names 14-member commission to probe Credit Suisse crash
Reuters
Switzerland's parliament announced on Wednesday the 14 members of a special commission that will look into Credit Suisse's collapse and its subsequent rescue engineered by Swiss authorities. The appointments, decided by the offices of the Swiss lower and upper houses of parliament, marked one of the final steps needed for the panel to start its probe, with its exact mandate also yet due to be determined.
/jlne.ws/42GkwJw
Sam Bankman-Fried Trial Can Proceed on Original Charges Only, Says DoJ
Alys Key - Decrypt
Sam Bankman-Fried may only have to face the original charges brought against him at his U.S. trial this year after the Department of Justice said it was willing to postpone trying him on several additional counts. The FTX founder was originally hit with eight criminal charges by U.S. prosecutors in December, including wire fraud and conspiracy to commit money laundering.
/jlne.ws/3Jf7n2V
A Crypto Lesson From George Soros Amid Binance and Coinbase Accusations
Todd Groth - CoinDesk
One of the more challenging aspects of investing is thinking about events and the expectations of price movements around them. What we saw last week in the crypto market after the U.S. Securities and Exchange Commission (SEC) took action against Binance and Coinbase was a perfect example.
/jlne.ws/42HlzJ5
SIFMA and asset management arm voice concerns over the SEC's proposal to redefine exchanges; In connection to the reopening of the comment period for the January 2022 proposal, the firms note that the existing proposal remains unclear and is not appropriately tailored to existing systems.
Wesley Bray - The Trade
SIFMA and its asset management arm have published an open letter expressing concerns about the SEC's proposal to redefine what constitutes an exchange and expand Regulation ATS, stating that it is not appropriately tailored to existing systems.
/jlne.ws/3JfDVdh
The TRADE's sister publication Global Custodian announces launch of T+1 Industry Issues Forum; Initiative aims to help market participants and their service providers overcome preparatory stumbling blocks.
Editors - The Trade
The TRADE's sister publication Global Custodian has partnered with The ValueExchange to launch a new portal for market participants to log their issues regarding preparations for the shift to T+1 in the US and Canada, with concerns and questions to be addressed by a network of industry experts and settlement specialists.
/jlne.ws/3Na7MF5
Citigroup's CFO Warns 1,600 Job Cuts Will Boost Expenses This Quarter; Bank has set aside severance for 5,000 workers so far in 2023; About $1 billion in stock buybacks planned this quarter
Jennifer Surane - Bloomberg
Citigroup Inc. Chief Financial Officer Mark Mason said the firm's recent job cuts will cause expenses to climb by as much as $400 million this quarter compared with the first three months of the year. The New York-based bank expects to record severance costs tied to the departure of 1,600 employees in the second quarter, which mostly affected its investment-banking and trading divisions, Mason said Wednesday at a Morgan Stanley conference in New York.
/jlne.ws/3XbyhPi
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin admits Russia doesn't have enough drones, warplanes, and ammunition for the war in Ukraine, even though it's been rushing military production all year
Matthew Loh - Business Insider
Russian leader Vladimir Putin publicly admitted on Tuesday that his forces lack the ammo, drones, aircraft, and communications equipment to fuel the Kremlin's war in Ukraine. "During the special military operation, it became clear that many things were missing," he told state media at a press conference. "These are high-precision ammunition, communications equipment, aircraft, drones, and so on."
/jlne.ws/3p8Dniz
Russia is forcing Ukrainian mechanics to fix its busted military gear because Russians don't know how to, Ukraine officials say
Mia Jankowicz - Business Insider
Russian forces are pressuring Ukrainian mechanics to fix their broken military equipment amid a lack of Russian mechanics who are able to do the job, Ukrainian officials said on Wednesday.
/jlne.ws/3NtMBPO
Putin is retreating into dangerous fantasies
Con Coughlin - The Telegraph
The longer the war continues in Ukraine, the more Russian President Vladimir Putin appears to be losing touch with reality. This might be considered an occupational hazard for someone whose default position is to tell bare-faced lies when confronted with uncomfortable truths, as he did when Russian forces launched their initial invasion of Ukraine in 2014. Back then, he repeatedly denied Moscow had any military presence, when all the evidence showed the opposite was true.
/jlne.ws/43EZ1tz
Ukraine-Russia war latest: Russia putting up 'powerful resistance' against Ukrainian counter-offensive
Maighna Nanu - The Telegraph
Russia is putting up a "powerful resistance" on the southern front, Kyiv has warned. Ukraine reported progress in its newly-launched counteroffensive despite contending with strong resistance from Russian troops, including on the southern front.
/jlne.ws/3Jd8AYw
Dam Breach Remakes Ukraine Battlefield as Vast Reservoir Drains; The destruction of the Kakhovka dam created a barrier to Ukraine's offensive but as the flood waters subside, that's changing
Marc Champion and Kateryna Choursina - Bloomberg
Since the Kakhovka dam burst on June 6, the floods have cut off any chance Ukraine's troops might have had of crossing the Dnipro River in support of their counteroffensive. Yet that benefit to the Kremlin may not last.
/jlne.ws/467r2fi
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext Tech Leaders segment welcomes 15 new companies from across Europe as part of its 2023 annual review
Euronext
Euronext today announced the results of the annual review of the Euronext Tech Leaders segment. This review will be implemented on the Euronext Tech Leaders index after markets close on Friday 16 June 2023 and will be effective from Monday 19 June 2023. The Euronext Tech Leaders initiative was launched by Euronext in June 2022 with the support of a strong network of partners. The initiative includes the creation of the Euronext Tech Leaders segment now gathering more than 120 European companies listed on Euronext markets, an index made up of the stocks integrating this segment, and a dedicated set of services for listed and private Tech companies.
/jlne.ws/3NxQbsi
AUM of ESG-related ETFs and ETNs Exceeded JPY 400 billion
JPX
We are pleased to announce that AUM of ESG-related ETFs and ETNs listed on the Tokyo Stock Exchange (TSE) has exceeded JPY 400 billion.
TSE will continue to enhance its lineup of ESG-related ETFs/ETNs and create an environment in which investors can take advantage of them, aiming to support the realization of a sustainable society through ESG investment.
/jlne.ws/3Jha5Fn
Commitment of Traders Report and Other Market Data Report
London Metal Exchange
Summary. 1. This Notice informs Members and Market Participants that a number of LME Market Data reports have been recalculated and republished as a result of certain position data having now been fully corrected by Members following reporting issues caused by a cyber-security incident at a third-party software vendor which is utilised by some LME Members.
/jlne.ws/3vimcfa
Lok Vi Ming appointed SGX Disciplinary Committee chairman; new members announced for independent committees
SGX Group
Singapore Exchange Regulation (SGX RegCo) has announced that Mr Lok Vi Ming has been appointed chairman of the independent Disciplinary Committee (DC) effective 15 June 2023, replacing Mr Cavinder Bull who was first appointed to the DC in 2017 and has stepped down after six years.
/jlne.ws/4433eqK
Moscow Exchange and Financial University expand cooperation in educational and scientific fields
MOEX
On June 15, 2023, at the XXVI St. Petersburg International Economic Forum, the Moscow Exchange entered into a cooperation agreement with the Financial University under the Government of the Russian Federation.
/jlne.ws/3qMnG13
Moscow Exchange and Gazprombank signed a cooperation agreement
MOEX
On June 15, 2023, at the XXVI St. Petersburg International Economic Forum (SPIEF-2023), the Moscow Exchange and Gazprombank signed an agreement on cooperation in the development of information and analytical products.
/jlne.ws/4425tuB
Moscow Exchange presented an information and trading terminal at SPIEF
MOEX
On June 15, 2023, within the framework of the XXVI St. Petersburg International Economic Forum (SPIEF-2023), the Moscow Exchange presented a beta version of the Trade Radar information and trading terminal for working on the Russian financial market.
/jlne.ws/462Y5RB
Post Bank and Finuslugi agreed to cooperate in order to increase the availability of financial services for the population
MOEX
On June 15, 2023, the Moscow Exchange and Post Bank signed a memorandum of cooperation at the XXVI St. Petersburg International Economic Forum (SPIEF-2023). The signing ceremony was attended by Yuri Denisov, Chairman of the Board of the Moscow Exchange, and Alexander Pakhomov, President and Chairman of the Board of Post Bank.
/jlne.ws/3X90C8I
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | JPMorgan is developing a ChatGPT-like A.I. service that gives investment advice
Hugh Son - CNBC
JPMorgan Chase is developing a ChatGPT-like software service that leans on a disruptive form of artificial intelligence to select investments for customers, CNBC has learned. The company applied to trademark a product called IndexGPT this month, according to a filing from the New York-based bank. IndexGPT will tap "cloud computing software using artificial intelligence" for "analyzing and selecting securities tailored to customer needs," according to the filing.
/jlne.ws/3XcKt1Z
HSBC eyes leading role in banking for VCs, startups after hiring wave
Reuters
HSBC Holding plc is seeking to become a leading bank for venture capital firms and startups globally after building a large team of technology and healthcare bankers in the United States, Hong Kong and Israel, a senior executive said.
/jlne.ws/43XFp3O
Nvidia's rivals struggle to gain ground in generative AI chip war; AMD, Intel and others play catch-up in hopes of staking a claim to burgeoning market
Richard Waters - Financial Times
In the three weeks since Nvidia shocked the tech world with its forecast of an unprecedented leap in sales, Wall Street has been on the hunt for other chip companies that could benefit from the latest AI boom. But as the search has gone on, the gulf that has opened up between Nvidia and the rest of the chip industry has only grown wider.
/jlne.ws/3XaQ7Sm
Microsoft's Sudden AI Dominance Is Scrambling Silicon Valley's Power Structure; The company has quietly cornered the emerging software market, and it's preparing to cash in.
Max Chafkin and Dina Bass - Bloomberg
There are two ways of looking at ChatGPT, the artificial intelligence chatbot that hundreds of millions of people have tried out since its release late last year. One view, preferred by many politicians and journalists as well as the company that created the app, is that its release was an historic development on par with the Industrial Revolution-or, more troublingly, the atomic bomb. OpenAI's co-founder, Sam Altman, has warned that future versions of the underlying software, a large language model known as GPT-4, could wipe out the human race.
/jlne.ws/42InInT
Bloomberg taps BNY Mellon for new electronic trading and analytics solutions hire; Incoming appointment joins from BNY Mellon, where he served as an equity trader; previously held positions at State Street Global Markets, Northern Trust, Financial Times and Deloitte.
Wesley Bray - The Trade
Bloomberg has appointed Colin Williams in an electronic trading and analytics solutions role. Williams joins from BNY Mellon, where he spent the last six years, most recently serving as an equity trader.
/jlne.ws/3NwXssa
Ediphy launches new artificial intelligence tool for assessing liquidity in bonds; Liquidity Checker tool analyses bonds liquidity using AI-powered automated technology, giving users real time notifications.
Annabel Smith - The Trade
Ediphy has launched a new artificial intelligence tool for assessing bonds liquidity, aimed at addressing challenges posed by fragmentation in the fixed income markets.
/jlne.ws/43yqwFj
ByteDance Wants to Build an Everything App to Rival WeChat; The company behind TikTok aims to provide food delivery, travel bookings and whatever else people want.
Zheping Huang - Bloomberg
As a middle-age restaurant owner who was neither interested in scrolling through viral videos nor likely to create such videos herself, Zhou Meiying never found a lot of use for Douyin, China's most popular short-form video app. That changed last year, when the Chinese government shuttered Beijing's restaurants to combat Covid-19.
/jlne.ws/3P9j4w0
Japan's Fujitsu to launch blockchain-based project for cross-border collaborations
Danny Park - Forkast
Tokyo-based global information technology solutions company Fujitsu will launch a new platform on June 30 to connect different economies using blockchain technology, following the completion of a year-long pilot trial, it said in a press release Thursday.
/jlne.ws/3CtrCX9
Options Appoints Renowned Capital Markets Expert, Larry Leibowitz to Board of Advisors
Options
13th June, 2023, Options Technology, the leading provider of cloud-enabled managed services to the global capital markets, today announced that Larry Leibowitz, an experienced capital markets and fintech entrepreneur, executive and advisor, has joined its esteemed Board of Advisors as an independent director.
/jlne.ws/42H7pYr
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| Cybersecurity | | Top stories for cybersecurity | Pro-Russian hackers allege "massive" cyberattack on Western financial system; led by Medibank hackers
Au.investing
Pro-Russian hacking outfits Killnet, REevil and Anonymous Sudan have allegedly formed an alliance to launch a concerted cyberattack on the Western financial system, particularly targeting the SWIFT wire transfer system, according to CyberKnow. Forged in the underground hacking forums, the groups stated their "no money - no weapons - no Kiev regime" formula to cut off the pipeline of Western aid to Ukraine. Their primary target is the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which powers most international money and security transfers, failure of which could potentially cripple the Western financial system.
/jlne.ws/3X7BfUC
Cyberattacks on renewables: Europe power sector's dread in chaos of war
Nora Buli, Nina Chestney and Christoph Steitz - Reuters
Saboteurs target a nation leading the world in clean energy. They hack into vulnerable wind and solar power systems. They knock out digitalized energy grids. They wreak havoc. It's the stuff of nightmares for European power chiefs. Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets.
/jlne.ws/3JfoVvS
Johns Hopkins University and Health System target of cybersecurity attack
CBS News
Members of the Johns Hopkins community were alerted to a cybersecurity attack against Johns Hopkins University and Health System that happened on May 31. A letter went out Wednesday notifying Johns Hopkins community employees, students and patients that the "widespread cybersecurity attack" may have put their personal information at risk. The attackers targeted a "previously unknown vulnerability in the widely used software MOVEit," the letter said. The Johns Hopkins network was impacted alongside "many other large organizations around the world," according to the letter.
/jlne.ws/3p4pIZM
US warns of huge cyber-espionage campaign, and other cybersecurity news to know this month
World Economic Forum
US warns of huge cyber-espionage campaign targeting critical infrastructure One of the largest known cyber-espionage campaigns has hit companies running critical US infrastructure, according to Western intelligence agencies and Microsoft. Microsoft analysts say the group, which it is calling Volt Typhoon, appears to be developing capabilities to allow it to disrupt critical US-Asia communications infrastructure that would be used in the event of a crisis. The group could also trigger cyberattacks against oil and gas pipelines and rail systems, the US State Department has been warned.
/jlne.ws/3p6EhMp
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Firms Should Start Preparing for MiCA 'Now-Maybe Even Yesterday': Chainalysis
Alys Key - Decrypt
Companies need to start preparing for the European Union's new crypto laws now, even though they won't be applied until the end of next year, Chainalysis's head of policy for Europe said during a recent webinar.
/jlne.ws/3pdXhZk
Binance.US, SEC Ordered to Start Negotiations Wednesday Amid Asset Freeze Tussle
Sandali Handagama - CoinDesk
A U.S. federal judge has ordered crypto exchange Binance, its local affiliate Binance.US and the Securities and Exchange Commission (SEC) to attend a mediation conference on Wednesday to hash out restrictions on operations as the regulator's case against the companies continue.
/jlne.ws/3CviNff
Why the XRP Army Keeps Fighting
Jeff Wilser - CoinDesk
Brad Kimes is a professional drummer. For 30 years he played in various bands -- rock, funk, blues, R&B, you name it. Between gigs, he worked as an aspiring entrepreneur, and he invented a baby playpen that you could use on the beach. He found suppliers in China. Kimes soon became a global importer, and to make cross-border payments, he was forced to use the clunky international banking system called "SWIFT."
/jlne.ws/3NdaHN8
Bitcoin Halving History Provides Little Guidance on Outcome: Coinbase
Will Canny - Bloomberg
It is possible that the next bitcoin (BTC) halving, expected in second-quarter 2024, will have a positive impact on the cryptocurrency's performance, but that's not a foregone conclusion, Coinbase (COIN) said in a report Wednesday.
/jlne.ws/3qKca6h
Bitcoin Tightens Grip on Crypto Market as Traders Avoid Smaller Tokens
Suvashree Ghosh, David Pan and Akshay Chinchalkar - Bloomberg
Bitcoin's share of total crypto market value is the highest in about 20 months, a sign of the cautious mood in digital assets. The token wavered near $25,000 on Thursday, giving it a capitalization of $484 billion - or 45.8% of the value of the more than 10,000 coins tracked by CoinGecko. That's the highest percentage since October 2021.
/jlne.ws/3X95jiQ
Hong Kong reiterates banks should support licensed crypto exchanges
Reuters
Hong Kong's banking regulator said on Thursday it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges, responding to a report saying banks were under pressure to take such exchanges on as clients.
/jlne.ws/3Xd9biL
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| Politics | | An overview of politics as it relates to the financial markets | Republicans Continue to Defend Crypto in Latest Letter to SEC
Mathew Di Salvo - Decrypt
The Grand Old Party continues to fight on the side of the crypto industry. On Tuesday, House Financial Services Committee Republicans asked the U.S. Securities and Exchange Commission to rescind its proposed rule to change the definition of "exchange." In the letter, the group of lawmakers said the SEC's proposed rule will "stifle innovation and harm digital asset market participants and the U.S. economy more broadly."
/jlne.ws/3JaRY3W
Francis Suarez, Miami's Republican mayor, files to run for president in GOP primary
Joey Flechas and Douglas Hanks - Miami Herald
Francis Suarez, Miami's second-term mayor, has filed papers to run in the Republican presidential primary, casting himself as a conservative problem solver while he faces an FBI probe over payments from a developer seeking help from the city. Suarez, a 45-year-old attorney and private-equity executive, is the first Hispanic to enter a crowded GOP field.
/jlne.ws/43Gx9p8
Trump Foe Adam Schiff Defeats GOP Effort to Censure and Fine Him $16 Million; Schiff led prosecution of Trump in first impeachment trial; Republicans join Democrats to block fine Trump allies demanded
Billy House - Bloomberg
Representative Adam Schiff, whose probes of Donald Trump led to the former president's first impeachment, repulsed an effort by hard-line Republicans to fine him $16 million for alleged investigative abuses and slap him with a formal rebuke. The 225-196 House vote Wednesday to block the censure resolution highlights fractures within a Republican party grappling with how to respond to Trump's indictment on charges of mishandling classified information and ideological disputes over how much to cut federal spending.
/jlne.ws/3Nw7vO7
Miami Mayor Suarez Joins Growing Republican Field Against Trump; Suarez raises profile with donor meetings, grassroots events; Mayor dubbed Miami 'crypto capital' as he courted tech jobs
Gregory Korte - Bloomberg
Miami Mayor Francis Suarez is running for president, a long-shot bid that would nonetheless raise the national profile of the 45-year-old mayor who once dubbed his city the "crypto capital of the world." Suarez filed paperwork with the Federal Election Commission on Wednesday, becoming the latest in a list of GOP hopefuls challenging former President Donald Trump.
/jlne.ws/43y3kad
George Conway Has Thoughts About the Trump Indictment; The former president is set to appear in a federal courtroom today to face criminal charges.
Timothy L. O'Brien - Bloomberg Opinion
Former President Donald Trump will walk into a federal courtroom in Miami today and face criminal charges for the second time in as many months. The indictment handed up last week charges Trump with misappropriating classified federal documents containing nuclear and military secrets, and obstructing government efforts to both collect them and investigate their disappearance.
/jlne.ws/3X8CrXU
Boris Johnson exits as he entered, with deceit and contempt; The former PM has only the martyr card left to play but his fan base is dwindling
Robert Shrimsley - Financial Times
If this is indeed the end of Boris Johnson's political career, it is at least a fitting one. There is no precedent for a prime minister, or a former one, having been found guilty of deliberately misleading the Commons. His offence and response to being held to account were entirely in character. Understanding that the game was up, Johnson resorted to his trusted playbook. Bluster, humour and faux outrage were deployed to distract attention from the charges. But with his Trumpian attacks on the integrity of the most senior committee of the Commons, he not only increased his sentence but has handed Rishi Sunak the ammunition to ensure he has no chance of an early return to parliament.
/jlne.ws/44079EP
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| Regulation & Enforcement | | Stories about regulation and the law. | Hong Kong Monetary Authority urges banks to service crypto firms: Financial Times
Tom Zuo - Forkast
Hong Kong Monetary Authority (HKMA), the city's central bank, is urging lenders such as HSBC, Standard Chartered and Bank of China to provide services to crypto exchanges, according to a Financial Times report on Thursday.
/jlne.ws/3CyxSgd
No Exemption for DAO from Commodity Exchange Act and CFTC Regulations for Operating a Decentralized Exchange Rules California-Based Federal Court
Gary DeWaal and Dan Davis - Katten
A decentralized autonomous organization is an unincorporated association under California and federal law that is liable for violations of the Commodity Exchange Act (CEA) and regulations of the Commodity Futures Trading Commission (CFTC), ruled a California-based federal district court on June 8, 2023, in entering a default order for the CFTC in its enforcement action against Ooki DAO.
/jlne.ws/3JdJucd
Prepared Remarks before the Small Business Capital Formation Advisory Committee
Chair Gary Gensler - SEC
Good morning, everyone. It's a pleasure to speak with the Small Business Capital Formation Advisory Committee. As is customary, I'd like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff. I am pleased to welcome the Advisory Committee's 14 new members. I thank each of you for raising your hand to serve. You're making a contribution to a critical part of our work at this agency: our work serving the small businesses that make up such an important part of our economy.
/jlne.ws/43Ijqyb
Appointments and re-appointments to SFC Advisory Committee
Securities and Futures Commission - Hong Kong
The Securities and Futures Commission (SFC) welcomes the appointments and re-appointments by the Financial Secretary of members to the SFC Advisory Committee for a two-year term from 1 June 2023 to 31 May 2025."I would like to extend a warm welcome to all the new members. I am certain the SFC would benefit from the valuable advice and insight of new and re-appointed members on issues related to the SFC's policy and market regulations," said Mr Tim Lui, the SFC's Chairman.
/jlne.ws/3N8TggT
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Jerome Powell just admitted that some banks are in trouble with their commercial real estate holdings: 'We do expect that there will be losses'
Alena Botros - Fortune
After announcing its first pause on interest rate hikes since March of last year, Federal Reserve Chair Jerome Powell told reporters that he's keeping an eye on commercial real estate and watching the situation as it pertains to the banking system "very carefully."
/jlne.ws/43I9aWH
Fresh blow to City as WE Soda pulls $7.5bn London IPO; Industrial material producer blames 'cautious investors' over what had been set to be LSE's largest listing this year
Harry Dempsey, Katie Martin, Bryce Elder and Oliver Ralph and Adam Samson - Financial Times
WE Soda has abandoned plans for a $7.5bn London initial public offering in a fresh blow to UK equities capital markets that have struggled to attract marquee listings in recent years.
/jlne.ws/3Jgh1CJ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Time is running out for the UAE to save its COP28; The world cannot afford this year's climate summit to be a washout
The editorial board - Financial Times
The United Arab Emirates is not the first petrostate to host a UN climate COP conference, nor the first authoritarian regime. Sultan al-Jaber, the oil executive it has picked to be president of this year's COP28 meeting in Dubai, is likewise not the first in the role to have spent years advancing his nation's fossil fuel interests. But the depth of discontent over the UAE's handling of COP28 is raising questions about whether it is up to the job.
/jlne.ws/3X8Wrd2
Battle Lines Harden Over Big Oil's Role at Climate Talks in Dubai; The hosts of the United Nations global climate summit later this year aim to give fossil fuel companies a bigger voice, despite loud objections.
Max Bearak - The New York Times
An unavoidable tension surrounds this year's United Nations-sponsored climate talks in November: They will take place in the oil-rich United Arab Emirates, and the most important role at the talks is held by the man who heads the national oil company.
/jlne.ws/42D04ZL
The World Just Saw its Hottest Early June on Record
Priscila Azevedo Rocha - Bloomberg
Global temperatures during the first 11 days of June have hit the highest level on record for the time of the year. The heat has also caused temperatures to exceed pre-industrial levels by more than 1.5C this month, scientists at the European Union's Copernicus Climate Change Service warned on Thursday. That's the threshold set out by the 2015 Paris Agreement thought to limit some of the most adverse consequences of global warming.
/jlne.ws/3X5F5xL
The US Factory Boom Is a Golden Opportunity for Green Job Training; Construction workers, electricians and engineers could all pick up new skills to help decarbonize the economy.
Nathaniel Bullard - Bloomberg
You may have heard that the US is in the midst of a manufacturing boom. Thanks to a combination of the Inflation Reduction Act, the CHIPS Act and a general interest in re-shoring US capacity, manufacturers' construction spending has reached an annual rate of $190 billion. That is double the rate of just a year ago. Manufacturing as a share of US private-sector construction has not been this high since at least 1990, when government data sets begin.
/jlne.ws/3PdmnCg
The hard right and climate catastrophe are intimately linked. This is how; As climate policy is weakened, extreme weather intensifies and more refugees are driven from their homes - and the cycle of hatred continues.
George Monbiot - The Guardian (opinion)
Round the cycle turns. As millions are driven from their homes by climate disasters, the extreme right exploits their misery to extend its reach. As the extreme right gains power, climate programmes are shut down, heating accelerates and more people are driven from their homes. If we don't break this cycle soon, it will become the dominant story of our times.
/jlne.ws/462tovH
Swiss Citizens Prepare for Rare Vote on Net-Zero Climate Law; Dozen of countries have enacted climate targets through legislation, but the question is rarely put to ordinary people for a vote.
Brian Kahn - Bloomberg
Marco Weibel lived through one of his darkest days in June 2021. It was then that Swiss voters narrowly rejected enshrining the nation's commitment to the Paris Agreement into law, leaving the country with no legally binding climate target. Weibel, who works in waste management for the national train network, hadn't campaigned in support of the referendum two years ago, assuming it would pass. But with a national vote on Sunday of a similar magnitude, this time over the country's target to reach net zero emissions by 2050, he decided to get involved. As rush hour commuters poured into Zurich's main train station last week, Weibel flitted among them handing out door hangers supporting the so-called Climate Protection Act.
/jlne.ws/3qJJ3jq
'Drought is on the verge of becoming the next pandemic'; While the world becomes drier, profit and pollution are draining our resources. We have to change our approach
Tim Smedley - The Guardian
During the summer months in the Oxfordshire town where I live, I go swimming in the nearby 50-metre lido. With my inelegantly slow breaststroke, from time to time I accidentally gulp some of the pool's opulent, chlorine-clean 5.9m litres of water. Sometimes, I swim while it's raining, when fewer people brave it, alone in my lane with the strangely comforting feeling of having water above and below me. I stand a bottle of water at the end of the lane, to drink from halfway through my swim. I normally have a shower afterwards, even if I've showered that morning. I live a wet, drenched, quenched existence. But, as I discovered, this won't last. I am living on borrowed time and borrowed water.
/jlne.ws/3NumDur
UK weighs up hydrogen's potential for heating homes; Pressure to cut carbon emissions has sparked debate over whether the gas is suitable for domestic use
Michael Kavanagh - Financial Times
Across Europe, natural gas remains a core source of energy in homes and industry. But pressure to meet carbon reduction targets by substituting natural gas with less polluting hydrogen is creating stark contrasts in policy and provoking political debate.
/jlne.ws/4420KJn
Backing for hydrogen projects lifts investor confidence; Incentives and fundraising successes are driving momentum, easing concerns about the fuel's potential
Patrick Temple-West - Financial Times
Government policies in the US and Europe are boosting newfound investor confidence in hydrogen electricity projects - helping backers to look beyond previous big losses in the clean-technology sector.
/jlne.ws/43TqpnK
Transcript: The Paris Meeting That Could Move Trillions to Climate; Read a transcript of the conversation between podcast host Akshat Rathi and Avinash Persaud, economic advisor to Barbados Prime Minister Mia Mottley.
Akshat Rathi, Oscar Boyd and Christine Driscoll - Bloomberg
Trillions of dollars are needed to shift the world to a low-carbon future, but where's it all going to come from? While momentum is growing in rich countries, developing countries are still struggling to find financing. Without significant increases in the amount of money spent, the world is unlikely to meet its climate goals, but international negotiations are at a deadlock.
/jlne.ws/3JfcsIx
Hundreds of World Bank climate projects have no direct connection to climate, research finds; Examination of more than 2,500 programmes over two decades reveals lack of evidence of benefits
Aime Williams - Financial Times
/jlne.ws/43TpWSw
China ramps up coal power while pushing for renewables; Concerns over energy security appear to be cutting against Xi Jinping's net zero ambitions - for now
Edward White - Financial Times
/jlne.ws/43Zj6Lc
Shanghai Plant Burns 800 Tons of Coal an Hour to Keep City Cool; Waigaoqiao facility is word's fifth-biggest coal power plant; China burning more fossil fuels to cope with extreme heat
Bloomberg News
/jlne.ws/3N8iHPC
How ESG Investors Are Whipsawed by Shifting Standards
Tasneem Hanfi Brogger and Frances Schwartzkopff - Bloomberg
/jlne.ws/4686suW
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Ex-Goldman VP Gave Drunk Squash Buddy Insider Tip, Jury Hears; Niranjan admits he committed insider trading with his friend; Buddies smoked marijuana, partied and made $280,000 on trades
Greg Farrell and Chris Dolmetsch - Bloomberg
A former Barclays Plc trader said he got an insider tip from an ex-Goldman Sachs Group Inc. vice president at a squash court after having too many drinks. That trade netted a $2,000 profit, just a fraction of the $280,000 the two men made in illicit profits from insider trades in 2017, according to Akshay Niranjan. The former trader testified against his friend at an insider-trading trial in Manhattan Wednesday.
/jlne.ws/43EK6jh
Ken Griffin Ramps Up Credit Bets, Anticipating US Recession; Citadel's flagship hedge fund gained 6.1% through May; Griffin expects China GDP to grow more than 5% this year
Lulu Yilun Chen - Bloomberg
Ken Griffin, whose hedge fund churned out a record $16 billion for clients last year, is increasing his focus on credit trading as he braces for a potential US recession. "We're much more cautious about 2024," the billionaire founder of Citadel said in an interview in Hong Kong, adding that the world's largest economy is unlikely to avoid a downturn that year.
/jlne.ws/3PfuazA
Bank of America Would Look at FDIC-Brokered Deal If Offered, CEO Says
Katherine Doherty - Bloomberg
Bank of America Corp. Chief Executive Officer Brian Moynihan said in an interview on CNBC that the company would consider an acquisition of another lender through a deal brokered by the Federal Deposit Insurance Corp. "We'll take a look at it but that's going to come down to circumstances," Moynihan said Monday from the World Medical Innovation Forum in Boston. "The good news is, the industry's strong, in great shape, and I think a lot of the worries are probably overstated."
/jlne.ws/445jCY9
Deutsche Bank Says Trading Revenue to Drop as Much as 20%; CFO von Moltke says demand for macro products is trailing off; German lender joins Wall Street firms predicting trading drop
Steven Arons - Bloomberg
Deutsche Bank AG expects trading revenue to decline by as much as a fifth this quarter, the first major European investment bank to warn of a significant slowdown. Fixed income trading will drop 15% to 20% compared with the bumper quarter a year earlier, Chief Financial Officer James von Moltke said Thursday. Analysts were expecting a decline of about 12%.
/jlne.ws/3CumQZd
Odey Seeks New Home for Funds and Staff in Move That Signals Firm's End
Nishant Kumar - Bloomberg
Odey Asset Management has begun the process of hiving off its funds and employees in a move that would likely signal the firm's end, a culmination of the fallout from fresh sexual assault allegations against its founder Crispin Odey.
/jlne.ws/3Cvfogv
WisdomTree board battle comes to a head; Trio of proxy advisers back calls from major shareholder to remove chair of ETF provider
Chris Flood - Financial Times
The battle for control of WisdomTree intensified this week ahead of the US asset manager's annual meeting on Friday when the demand by the largest shareholder for the removal of the chair and two other directors will face a vote by investors.
/jlne.ws/3Jcixpe
Perella Weinberg Cutting 7% of Headcount to Allow for Hiring
Sonali Basak - Bloomberg
Perella Weinberg Partners is trimming about 7% of its headcount to free up funds for hiring top banking talent, according to a person with knowledge of the plans.
/jlne.ws/3p4z0VA
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says; Could add the equivalent of $2.6 to $4.4 trillion annually; May add 0.6% in annual labor productivity growth for 20 years
Alexandre Tanzi - Bloomberg
The worldwide boom in generative artificial intelligence will usher in an age of accelerated productivity and greater prosperity for some - and profound disruption for others, primarily knowledge workers, according to a new report by consultants McKinsey & Co. Whole swaths of business activity, from sales and marketing to customer operations, are set to become more embedded in software - with potential economic benefits of as much as $4.4 trillion, about 4.4% of the world economy's output - according to the study by McKinsey's research arm.
/jlne.ws/3p5nf1i
Starbucks Is Under Scrutiny Over Removal of Pride Decorations; The union Starbucks Workers United says the chain, after prominently celebrating Pride for years, has banned the displays. Remy Tumin and Amanda Holpuch - The New York Times
A union representing hundreds of Starbucks stores said this week that workers in 21 states were told by their managers not to decorate for Pride Month, the annual L.G.B.T.Q. celebration, a claim that the company said represented "outlier" decisions by local leaders that did not reflect corporate policy. But even in New York City neighborhoods that are almost synonymous with Pride, the traditional rainbow displays were more muted - if visible at all - than in years past.
/jlne.ws/3qKnsYe
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Drinking alcohol is bad for you - end of. Ignore the headlines that claim otherwise
Adrian Chiles - The Guardian (opinion)
It's amazing how easy it is to persuade us that what we want to be true is true. Consider a typical headline to a story covered with great enthusiasm by many major news organisations this week: "Moderate alcohol consumption may lower stress, reduce heart disease risk, study finds." Enthusiastic drinkers, drowning in a dark sea of health warnings, will cling on to such words as stricken sailors might hold on to the hull of their capsized boat.
/jlne.ws/463nFG6
Obamacare Mandate for Preventive Care Is Restored, for Now; Health plans must pay for all types of preventive care, including a pill to prevent H.I.V., while an appeals court deliberates whether to strike down part of the Affordable Care Act.
Sarah Kliff - The New York Times
Lawyers reached a deal on Monday to keep the Affordable Care Act's mandate requiring health plans to cover preventive care at no cost to patients. A district court in Texas ruled in March that part of the requirement was unconstitutional. The decision took effect immediately, meaning insurers no longer had to cover certain types of preventive care, including a pill to prevent the spread of H.I.V.
/jlne.ws/443khZS
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Holds Urgent Meetings on Economy With Business Leaders
Bloomberg News
Senior Chinese officials are soliciting advice from business leaders and economists on how to revitalize the economy in a flurry of meetings attendees have characterized as unusually urgent in their tone.
/jlne.ws/442SvfY
As Ties to China Turn Toxic, Even Chinese Companies Are Breaking Them; Companies are moving headquarters and factories outside the country and cleaving off their Chinese businesses. It's not clear the strategy will work.
Ana Swanson - The New York Times
As it expanded internationally, Shein, the rapidly growing fast fashion app, progressively cut ties to its home country, China. It moved its headquarters to Singapore and de-registered its original company in Nanjing. It set up operations in Ireland and Indiana, and hired Washington lobbyists to highlight its U.S. expansion plans as it prepares for a potential initial public offering this year.
/jlne.ws/3JddxR6
Beijing to Reimburse IVF, Reproductive Costs as China Tackles Drop in Births; Some reproductive services will be covered starting next month; China's population shrank last year for first time since 1960s
Bloomberg News
China's capital Beijing will extend medical insurance coverage to a slew of assisted reproduction services as the country tries to avert a demographic crisis that threatens long-term consequences for the economy.
/jlne.ws/43IFAQG
China to deploy deposit insurance to repay victims of rural banking fraud; Central bank agrees to share cost with local government in precedent for resolving future financial crises
Cheng Leng and Robin Harding - Financial Times
China plans to deploy billions of renminbi from a national deposit insurance fund to resolve a group of failed provincial banks, setting an important precedent for its approach to a future financial crisis.
/jlne.ws/3Nx1XmI
China Natural Gas Traders Pause Spot Purchases as Prices Surge
Ann Koh - Bloomberg
The biggest spike in Asian natural gas prices in more than six months has made buyers in China pause spot purchases. Benchmark prices rose 19% to $11.58 per million British thermal units on Wednesday, the biggest one-day gain since last November, according to data from S&P Global Commodity Insights. That surge is dealing a blow to renewed demand for the fuel from price-sensitive emerging economies, said traders.
/jlne.ws/43YvafB
Nigeria's President Suspends Head of Anti-Corruption Agency
Ruth Olurounbi and William Clowes - Bloomberg
Nigerian President Bola Tinubu suspended the head of the nation's anti-corruption agency, the latest in a series of sweeping changes he's made since being sworn in as the leader of Africa's biggest economy three weeks ago.
/jlne.ws/4632ns6
Nigeria's central bank moves to unify exchange rates
Reuters
Nigeria's central bank moved to liberalize foreign exchange trading on Wednesday, capping a dramatic day that saw the official Naira rate devalued by more than a third.
/jlne.ws/42HjNrp
End to Nigeria currency peg causes biggest fall in naira's history; Abandonment of years-long policy follows removal of central bank chief Godwin Emefiele
Aanu Adeoye and David Pilling and Jonathan Wheatley - Financial Times
Nigeria has abandoned its years-long currency peg and allowed the naira to trade freely, traders and local bankers said, prompting the biggest single-day fall in its history.
/jlne.ws/3Ns2JRL
Polish Banks Suffer EU Court Blow Over Swiss Franc Mortgages; EU top court rules in long-running saga over Polish mortgages; Warsaw bank stock index drops 0.9%, zloty weakens slightly
Stephanie Bodoni and Maciej Martewicz - Bloomberg
Polish banks suffered a defeat at the European Union's top court, allowing thousands of customers to avoid paying interest on Swiss franc-based mortgages that were deemed unfair by local judges. Lenders' stocks pared losses after falling as much as 2.5%. The rulings are part of a decade-long saga that has led to more than 130,000 lawsuits in Polish courts by disgruntled mortgage holders over potentially "abusive" terms in their contracts, and how to settle payments when the loans get annulled.
/jlne.ws/42XbqIx
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