| June 26, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
From our guest editor this week, David Klotz, president of MetroTrade:
Waters Technology, led by the esteemed Anthony Malakian, is free today, so we've included a piece from them. Many consider them the top tech media for financial technology and they do long-form pieces, which is somewhat of a lost art.
It's no longer raining data at IEX. Among market adages (sell in May and go away, the trend is your friend, don't catch a falling knife, etc) there has to be one about 'free' market data. If there isn't, let's create one (ping me - we'll get t-shirts made).
EUREX announced it joined in the second wave of ECB DLT trials. I seem to remember another exchange that invested heavily in DLT.
Also on the exchange front, EEX has pulled out of buying Nasdaq's Nordic power trading and clearing business, reportedly around concerns about hampering market competition, while in Singapore Abaxx Exchange announced it will launch futures trading on June 28. A shout out to Joe Raia for seeing this project through.
In a further sign of fixed income/derivatives markets alignment, ION announced yesterday it expanded XTPE's access to various futures markets for trading and market data. Say what you want about ION, but they do seem to continuously have their finger on the pulse of industry trends.
In other markets, EV was dead, until it wasn't, with VW announcing a pact with Illinois' own Rivian.
On the people front, CITIC Securities announced former G.H. Financials CEO Sharon Shi as head of global clearing for their CITIC Futures arm in Hong Kong. Congrats, Sharon!
As my only shameless promotion of the week, I point you to a monthly MetroTrade series we author called, "That's Why We Did That". In these pieces, we explain why we made certain decisions to the betterment of our customers. As we are building a retail futures broker from the ground up, we have a unique opportunity to share some of the rationale behind our decisions. This one is about the platform experience. You may subscribe here - DK
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 Security Traders Association (STA) has announced its first round of conference panels for the 91st Annual Market Structure Conference, to take place September 18-20, 2024 at the JW Marriott Grande Lakes Orlando, FL. This year's conference agenda will include seven (7) panel discussions and a handful of exclusive fireside discussions featuring subject matter experts from across the industry. STA will provide further agenda updates as they become available, and registration will open next week. You can go here for more information. ~SR
Our most read stories from our previous edition of JLN Options were:
- Nvidia's Latest Unwind Has Boiling Option Trades Fading from Bloomberg.
- What Works for Golf Works for Life from The Wall Street Journal.
- Morgan Stanley shoots into FX options dealer top spot from Risk.net. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Two Men Sentenced for Orchestrating Multimillion-Dollar Cryptocurrency Securities Fraud and Wire Fraud Schemes
U.S. Department of Justice
Two men were sentenced for manipulating the price of a security and scheming to defraud investors in connection with the purchase of Hydrogen Technology's cryptocurrency, HYDRO. Shane Hampton, 32, of Philadelphia, was sentenced today to two years and 11 months in prison. His co-conspirator, Michael Kane, 39, of Miami Beach, Florida, was sentenced yesterday to three years and nine months in prison.
/jlne.ws/3zblMuT
*****"In this case, for the first time, a jury in a federal criminal trial found that a cryptocurrency was a security and that manipulating cryptocurrency prices was securities fraud. This prosecution and the sentences imposed today should serve as a warning: The Criminal Division will not hesitate to use all tools at its disposal - including the federal securities laws - to protect the integrity of cryptocurrency markets.~JJL
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Tuesday's Top Three
Our top story Tuesday was The Oil Market Has Worrying Echoes of the Libor Scandal, an opinion piece from Javier Blas in Bloomberg that was our lead story yesterday. Second was ICE commits to clear US Treasuries as SEC regulation looms, from FOW. (ICE was also our MarketsWiki Page of the Day yesterday.) Third was Provable Markets Completes First STP Novation of Existing Bilateral Stock Loan Into NSCC's SFT Clearing Service in Real-Time, Increasing Operational Efficiency, from Business Wire via Yahoo!Finance.
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| Lead Stories | The Last 72 Hours of Archegos; Bill Hwang's doomed family office is on trial, but it's Wall Street that looks terrible.
Ava Benny-Morrison and Sridhar Natarajan - Bloomberg
An Archegos staffer re-lived the craziness of being in an airport security line while on a call with panicked banks, trying to head off catastrophe. A Credit Suisse trader described nabbing a Citi Bike on his day off to reach the office and untangle billions tied to Bill Hwang's family office. And in the midst of it all, a junior Goldman Sachs manager recounted a call from the dying firm as it pleaded for the return of almost half a billion dollars it accidentally sent the lender .
/jlne.ws/3xopr8n
German Banks Fall Out of Top Bund Dealer Rankings for First Time
Greg Ritchie - Bloomberg
There are no German banks among the top buyers at the nation's debt auctions for the first time on record, as their Wall Street rivals dominate Europe's premier bond market. Deutsche Bank AG slid from second place to eighth in the first half of 2024, while Commerzbank AG fell from sixth to tenth, according to rankings published by the German finance agency on Tuesday. It's the first time no German banks are in the top five in data going back to 2001.
/jlne.ws/3KZkZA4
CME Group and Google Cloud Announce New Chicago Area Private Cloud Region and Co-location Facility for CME Group's Markets
CME Group
Key milestone paves the way for CME Group to migrate to Google Cloud's industry-first specialized platform for capital markets. Reaching a significant milestone in the companies' transformational partnership, CME Group and Google Cloud today announced plans to build a new private Google Cloud region, and a co-location facility, in Aurora, Illinois. The private Google Cloud region will host Google Cloud's new, industry-first specialized platform designed to support global trading of CME Group's futures and options markets, and offer derivatives traders cloud-based, ultra-low-latency networking, and high-performance computing.
/jlne.ws/3L18Z0T
Cliff Asness Says the Machines Are Making More Decisions at AQR; AQR co-founder speaks at Bloomberg Invest conference; 'We let the machine decide more,' Asness says in interview
Justina Lee - Bloomberg
AQR Capital Management is letting machines play an even bigger role across the $109 billion quant powerhouse, says co-founder Cliff Asness. While the firm's better performance over the past few years is partly due to market cycles, it has also made some changes, Asness said at the Bloomberg Invest conference in New York on Tuesday. "Not to get into an AI kind of theme, but we let the machine decide more," he said. "I'm reasonably convinced it's just at least a little bit better than us."
/jlne.ws/4bojMwK
Trading GameStop stock is like gambling, warns trader with more than 40 years of experience
Brian Sozzi - Yahoo Finance
Now that the latest frenzy in GameStop (GME) has quieted down a touch from the hysteria seen earlier in June, pros say it's time for traders to conduct a reality check on the champion meme stock name - or else risk being left holding the bag, again. "It's irresponsible for the newcomer into the market to think that this [GameStop trading activity] is anything else except gambling," veteran NYSE floor trader Peter Tuchman said on Yahoo Finance's Opening Bid podcast (see video above or listen here).
/jlne.ws/3L0dJDP
Korean Block Trades Gather Pace Before Disclosure Rules Tighten
Filipe Pacheco and Youkyung Lee - Bloomberg
South Korea is expected to see an increase in block equity sales as holders seek to raise funds before a change in rules requires more disclosures. Since 2022, authorities have moved to strengthen regulations involving Seoul-listed share offerings as part of measures aimed at preventing insiders from profiting on privileged information. A revised framework for block trading will take effect on July 24.
/jlne.ws/3RNtMJ1
India's options trade faces a less lucrative reset
Shritama Bose - Reuters
India is moving to make stock trading less like a game. Officials are planning more stringent margin and disclosure rules in the country's equity derivatives market, which has become the world's largest by volume of trades. Tightening the screws should help protect small-time traders and pre-empt a wider bust, at the expense of slimmer winnings for trading firms like Jane Street and a new crop of discount brokers.
/jlne.ws/3ziJl56
Barclays boss says calls for bank to abandon oil and gas are unrealistic
Chris Price - The Telegraph
The boss of Barclays said it is unrealistic for banks to abandon oil and gas, as he hit back at growing scrutiny of the ties between finance firms and the fossil fuel industry. CS Venkatakrishnan said lenders "cannot go cold turkey" on the fossil fuel sector, despite its contribution to global warming. His comments come after Barclays has come under repeated pressure from climate activists with the bank's branches targeted by Just Stop Oil.
/jlne.ws/3XB3k99
Modi to Visit Russia for First Time Since Invasion of Ukraine
Bloomberg
Indian Prime Minister Narendra Modi is expected to visit Russia for the first time since the start of the Kremlin's war on Ukraine, a trip that follows his return to office for a third term and underscores the strong ties between the two countries. The Kremlin's foreign policy aide, Yuri Ushakov, announced Modi's trip on Tuesday, saying the exact dates of the visit will be confirmed later. Tass news service reported earlier that the Indian leader was set to spend two days in the country in early July. Modi's trip to Moscow will be a short, official visit, said a senior Indian official, who asked not to be identified because discussions are private. It would be his first trip to the Russian capital since 2015. Modi visited Vladivostok in 2019 and last met Russian leader Vladimir Putin two years ago on the sidelines of the Shanghai Cooperation Organization summit in Samarkand, Uzbekistan.
/jlne.ws/4bm5qx5
Biden administration moves toward allowing American military contractors to deploy to Ukraine
Natasha Bertrand and Oren Liebermann - CNN
The Biden administration is moving toward lifting a de facto ban on American military contractors deploying to Ukraine, four US officials familiar with the matter told CNN, to help the country's military maintain and repair US-provided weapons systems. The change would mark another significant shift in the Biden administration's Ukraine policy, as the US looks for ways to give Ukraine's military an upper hand against Russia.
/jlne.ws/3VBjw7X
Bankers who helped Putin's friend move millions via Swiss bank accounts lose appeal
John Revill - Reuters
Four bankers who helped a friend of Russian President Vladimir Putin move millions of francs through Swiss bank accounts have lost their attempt to overturn convictions for failing to perform due diligence in financial transactions. Zurich High Court on Tuesday upheld an earlier judgement against the men who assisted Sergey Roldugin, a concert violist who has been dubbed "Putin's wallet" by the Swiss government.
/jlne.ws/3XFc12n
From Trump to AI, Bill Gates Sees Climate Impacts for the World; The Microsoft co-founder, who is in London for a three-day climate tech conference, spoke with Bloomberg Green for a wide-ranging interview covering topics from artificial intelligence to the US election.
Akshat Rathi - Bloomberg
Businesses hate uncertainty, and if Donald Trump is elected US president later this year, they will have to deal with a lot of it, says Bill Gates. That's among a few things top of mind for the co-founder of Microsoft Corp., who is in London this week for a three-day conference. The Breakthrough Energy Summit, being held between June 25 and 27, will bring together more than 100 companies that the Gates-backed venture firm has invested in. Bloomberg Green spoke to Gates in advance of the event to get his perspective on climate issues in a pivotal year. The conversation has been condensed and edited for clarity.
/jlne.ws/4eAxRtP
Russia Opens Secret Trial of U.S. Reporter Accused of Espionage; Evan Gershkovich of The Wall Street Journal has endured 15 months in prison by reading letters and Russian classics, while the authorities have not publicly offered any evidence that he was a spy.
Neil MacFarquhar, Milana Mazaeva and Ivan Nechepurenko - The New York Times
In his nearly 15 months in Moscow's infamous Lefortovo prison, Evan Gershkovich has plowed through Russian literary classics like "War and Peace," and played slow-moving chess by mail with his father in the United States. He tries to keep himself in shape during the hourlong exercise period he is permitted each day. Friends who correspond with him describe Mr. Gershkovich, a Wall Street Journal reporter, as positive, strong and rarely discouraged, despite facing the official wrath of President Vladimir V. Putin's Russia.
/jlne.ws/45ELOTC
AI Obsession Obscures Bigger Promise of Climate Tech; While an enormous amount of capital is needed for climate finance right now, it's AI that's soaking up money and investor attention.
Alastair Marsh - Bloomberg
The implications for our warming planet of recent breakthroughs in artificial intelligence boil down to this: AI offers great advantages in everything from monitoring ice melt and deforestation to optimizing power grids, but it's incredibly power hungry, which can mean more carbon emissions and more climate destruction. One impact that gets less focus is whether the AI hype is taking attention and money away from climate-change mitigation. James Socas, who runs the climate-solutions business at Investcorp, the Middle East's biggest alternative asset manager, says that's already happening.
/jlne.ws/3VWB5k9
Heat deaths to mount as world risks warmest summer on record; Further fatalities set to follow 1,300 deaths on hajj pilgrimage, experts predict
Attracta Mooney - Financial Times
Scientists and diplomats have warned of a rise in heat deaths as large parts of the world struggle with extreme weather in what is at risk of becoming the hottest June to August period on record. Selwin Hart, UN special adviser on climate change, told the Financial Times that countries urgently needed to take action to protect people from extreme heat, which he labelled a "silent killer". He warned that the recent spate of high temperatures was "just a sign of things to come".
/jlne.ws/3KYbC3k
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine, Russia Complete Fifth Prisoner Swap This Year Via UAE
Volodymyr Verbianyi and Zainab Fattah - Bloomberg
Ukraine and Russia completed a large prisoner swap Tuesday, a rare deal between the nations at war since 2022 that was brokered by the United Arab Emirates. Ninety Ukrainian soldiers, captured during Russia's invasion, have been returned home, Ukraine's President Volodymyr Zelenskiy said on Telegram. Russia's Defense Ministry revealed the same number of Russians released by Kyiv.
/jlne.ws/3ziQGSc
First ammunition shipment from Czech initiative arrived in Ukraine, says PM
Reuters
The first shipment of ammunition from a Czech initiative has arrived in Ukraine, Prime Minister Petr Fiala said in a post on social media platform X on Tuesday. The Czech Republic has led an effort to buy ammunition, with funding from NATO allies, to make up for shortage on the frontlines with Russia. "The first shipment of ammunition from our initiative arrived in Ukraine some time ago," Fiala said on X. "We are doing what it takes."
/jlne.ws/3xGtvkb
European banks leaving Russia would hurt Western and Russian companies, Kremlin says
Reuters
European banks leaving Russia would damage both Western and Russian companies, Kremlin spokesman Dmitry Peskov said on Tuesday, pointing to the many Western businesses that still operate and use banking services in Russia. With most major Russian banks under Western sanctions over Russia's February 2022 full-scale invasion of Ukraine, foreign banks including Austria's Raiffeisen Bank International and Italy's UniCredit, have become key financial bridges with the West, boosting profits in the process. "They perform quite important functions in transferring funds, not only in the interests of our customers of these banks, but also foreign customers," Peskov told reporters.
/jlne.ws/45HbkYn
Russia is accused of hacking Ukrainian TV to flash violent images of war on children's channels
Daniel Hardaker - The Telegraph
Russia has been accused of hacking Ukrainian television to cause violent images from the war to flash on screen, including on children's channels. The International Telecommunications Union (ITU) is reviewing a series of complaints this week from Ukraine and European countries about satellite interference that have affected navigation services and television shows, the body confirmed.
/jlne.ws/3VYJdRl
Zelensky sacks commander 'who killed more Ukrainians than any Russian general'
Joe Barnes - The Telegraph
Volodymyr Zelensky has sacked a top commander accused of "killing more Ukrainians than any Russian general". The Ukrainian president said he was replacing Lt-Gen Yurii Sodol as the commander of the Joint Forces of the Armed Forces, in his nightly address to the nation late on Monday. The dismissal came after Bohdan Krotevych, chief of staff of the Azov brigade, called for an investigation into the commander's poor leadership in a withering letter to Ukraine's State Bureau of Investigation.
/jlne.ws/4bpwcV3
International Criminal Court issues war crimes arrest warrants for Russia's Shoigu and Gerasimov
Ivana Kottasova - CNN
The International Criminal Court (ICC) has issued an arrest warrant for former Russian Defense Minister Sergei Shoigu and the Chief of the General Staff Valery Gerasimov for alleged international crimes, war crimes and crimes against humanity. The court said Tuesday the pair were allegedly responsible for two war crimes: directing attacks at civilian objects and causing excessive incidental harm to civilians or damage to civilian objects. They are also accused of committing crimes against humanity.
/jlne.ws/4eDDYgW
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hamas chief's sister killed in Israeli strike
Melanie Swan - The Telegraph
The sister of Ismail Haniyeh, a Hamas political leader, has become his latest family member to be killed in an Israeli strike, the terror group said. Zahr died along with her husband and children overnight on Monday in an attack on Beach Camp, north of Gaza City. Basem Naim, the Hamas spokesman, said it took the number of family members of the exiled leader who have been killed to around 100.
/jlne.ws/3VYV01G
Children are dying of starvation in their parents' arms as famine spreads through Gaza
Abdel Qadder Sabbah, Mohammad Al Sawalhi, Tareq El Helou, Kareem Khadder, Sana Noor Haq, Paula Hancocks, Jo Shelley and Byron Blunt - CNN
Younis lays disorientated on a green mattress in Nasser Hospital, in southern Gaza. His long brown eyelashes rest delicately on his pale sunken face, as he drifts in and out of sleep. The 9-year-old Palestinian boy lies in his mother's arms, clearly wasted from severe malnutrition and suffering from dehydration. His blue jogging bottoms hang off his emaciated legs, as his tiny ribcage protrudes from his billowy orange T-shirt.
/jlne.ws/3RKCSWV
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EEX announces termination of agreement with Nasdaq
European Energy Exchange
The European Energy Exchange (EEX) today announces the termination of
the transaction agreement with Nasdaq, Inc. (Nasdaq: NDAQ), under which EEX intended to acquire Nasdaq's Nordic power trading and clearing business. EEX will continue to pursue its own business strategy for the region and related markets independently and individually. The company will provide further information with regards to its offering for the Nordic markets in due course.
/jlne.ws/4eGYahU
Nasdaq Announces Termination of Previously Announced Agreement with EEX
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today announced the termination of its transaction agreement with the European Energy Exchange (EEX), previously announced on June 20, 2023, under which EEX had agreed to acquire Nasdaq's Nordic power trading and clearing business. Nasdaq continues to operate its Nordic power trading and clearing business and remains focused on providing its clients with exceptional service.
/jlne.ws/4cDsOHq
Highlights on the Post-Trade Industry from the Network Forum 2024 in Warsaw
SIX
Earlier this month, post-trade industry leaders gathered in Warsaw for The Network Forum's (TNF) Annual Meeting. Among the topics covered during the two-day event included the impact of shorter settlement cycles and the future of centralized clearing. Experts from SIX looked at how both of these issues are shaping post-trade. T+1 - The First Report Card Comes Out. First formally proposed by the US Securities and Exchange Commission (SEC) in February 2022 following the now infamous meme stock trading episode, T+1 finally went live in the US (and also Argentina, Canada, Jamaica and Mexico) in late May.
/jlne.ws/3XBY4lF
Update: Deployable Margin Software Production Release - Equities in SPAN 2 Margin Framework - Effective June 25, 2024
CME Group
CME Clearing ("CME") has announced the multi-year rollout schedule of its SPAN 2 framework for calculating performance bond requirements for CME-cleared futures and options on futures. According to the planned Equities in SPAN 2 framework release schedule, CME has delivered an updated version of the production-candidate build of the deployable margin software, version 3.1.10, which supports Equities in the SPAN 2 framework. This version supersedes the prior production candidate release, version 3.1.9, and is now the expected production version of the program. Users are encouraged to deploy this version in their production environment on or before the mandatory production cutover date for Equities contracts. Starting on the mandatory cutover date, prior versions of the deployable margin software will no longer be supported.
/jlne.ws/3RFemGU
The Moscow Exchange has expanded the capabilities of the money market
MOEX
The Moscow Exchange has expanded the opportunities for money market participants to enter into repo transactions with a central counterparty (CCP). The maximum term of targeted repo transactions with the CCP has been increased from three months to one year. The extension of the term affects trading modes with settlements in Russian rubles and yuan and increases the convenience of using securities as collateral. Market participants can enter into transactions for up to a year with both fixed and floating rates.
/jlne.ws/3zeqGY2
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | OpenAI Delays Launch of Voice Assistant to Address Safety Issues
Rachel Metz - Bloomberg
OpenAI is delaying the release of a much-anticipated voice assistant feature for ChatGPT in order to ensure it can safely and effectively process requests from millions of users. The artificial intelligence startup unveiled the voice option at a product launch event in May for GPT-4o, an updated version of its GPT-4 model that is better at handling text, audio and images in real time. In a statement, OpenAI said it had originally intended to roll out the voice feature to a small group of paid ChatGPT Plus subscribers in late June, but decided it needs another month to "reach our bar to launch."
/jlne.ws/4czfbca
Chinese AI firms woo OpenAI users as US company plans API restrictions
Reuters
Chinese artificial intelligence (AI) companies are moving swiftly to attract users of OpenAI's technology, following reports the U.S. firm plans to restrict access in China and other countries to its application programming interface (API), a platform that allows developers of other products to integrate its AI models. ChatGPT maker OpenAI is planning to block access to technology used to build AI products for entities in China and some other countries, Chinese state-owned newspaper Securities Times reported on Tuesday.
/jlne.ws/4eCeNeS
AI-focused manufacturing startup raises $106 million, from Nvidia and others
Max A. Cherney - Reuters
Software and robotics startup Bright Machines raised $106 million in a Series C funding round that included Nvidia and Microsoft as investors, the company said on Tuesday. The San Francisco-based company makes equipment and software that helps automate a range of manufacturing tasks through the use of artificial intelligence and machine learning.
/jlne.ws/3RDM67d
AI startup Etched raises $120 million to develop specialized chip
Max A. Cherney - Reuters
Artificial-intelligence startup Etched said on Tuesday it has raised $120 million in a series-A funding round that the company plans to use to further develop its specialized chip. The San Francisco-based company aims to make a specialized processor tuned to run a specific kind of AI model that is widely used by OpenAI's ChatGPT and Google Gemini.
/jlne.ws/3xnK6JL
Stability AI Names New CEO, Raises $80 Million in Fresh Funds; Early Facebook backer Sean Parker to become chairman; Prem Akkaraju will join as CEO effective immediately
Mark Bergen - Bloomberg
Stability AI, an artificial intelligence startup that's struggled with mounting costs and executive turnover, named a new chief executive officer and got an injection of cash from several investors, including early Facebook backer Sean Parker. Prem Akkaraju, former head of the visual effects company Weta Digital, will join as CEO, the London-based company said in a statement on Tuesday. Stability AI raised about $80 million in new funds, according to a person familiar with the financing who asked not to be identified because the figure isn't public. The Wall Street Journal reported the size of the funding round earlier.
/jlne.ws/3xGf7Ze
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| Cybersecurity | | Top stories for cybersecurity | Companies are finally increasing their cybersecurity protection - to get better insurance
Craig Hale - TechRadar
With cyber threats becoming increasingly prevalent amid global geopolitical tensions, Sophos claims many companies are looking to up their protection in order to get better insurance premiums, indicating that they're very much worried about the present and not the future. However, it's not a bad thing, because according to its 'Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders' report, 97% of organizations with cyber insurance have invested in improving their defenses.
/jlne.ws/3RIs6R4
The SEC's Cyber Disclosure Rules: Lessons Learned So Far In Year One
Jim DeLoach - Forbes
What qualifies as a material cybersecurity incident? Can we estimate our potential losses and the effects of business disruption? What were our recovery costs? What longer-term remediation costs do we need to include in our 8-K incident report? How did our actions following the breach reflect the response readiness capability previously detailed in our most recent Form 10-K disclosure?
/jlne.ws/3xvoYkL
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX Customers to Vote on Multi Billion Dollar Repayment Plan; A judge allowed FTX to poll creditors on its Chapter 11 plan; FTX said regulators are considering ways to help customers
Jonathan Randles - Bloomberg
FTX customers will be asked in the coming weeks to vote on the failed crypto exchange's multi billion dollar plan for compensating victims whose assets have been locked on the platform since it collapsed. Judge John Dorsey said Tuesday he'll authorize FTX bankruptcy advisers to begin soliciting creditor votes on a sweeping Chapter 11 plan to repay customers and resolve billions of dollars in government penalties related to the fraud-fueled implosion of Sam Bankman-Fried's crypto business.
/jlne.ws/4cBLTcZ
Ethereum ETF process 'going smoothly' a testy SEC Chair declares
Michael del Castillo - Fortune
Securities and Exchange Commission Chairman Gary Gensler belied impatience upon fielding questions from reporters about crypto, including his agency's handling of applications to launch Ethereum ETFs. In speaking with journalist Annmarie Hordern at the Bloomberg Invest event in New York on Tuesday, Gensler accused his interviewer of going after "clicks" after she asked him several questions related to crypto policy.
/jlne.ws/4bilmQP
Ether Spot ETFs to Attract $15B of Net Inflows in First 18 Months: Bitwise Investors are likely to allocate funds to ETFs in proportion to the relative market caps of bitcoin and ether, the report said.
Will Canny - CoinDesk
Ether (ETH) spot exchange-traded funds (ETFs), which are expected to be approved for trading in the U.S. in coming months, are likely to attract $15 billion of net inflows in their first 18 months, Bitwise chief investment officer Matt Hougan wrote in a report on Monday. One way to estimate potential inflows is to consider the relative market caps of bitcoin (BTC) and ether, the report said. Bitcoin is currently 74% of the combined market value, the report noted. Investors will probably allocate to bitcoin and ether ETFs in the same proportions.
/jlne.ws/4cxbALy
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| Politics | | An overview of politics as it relates to the financial markets | Why Many C.E.O.s Are Silent on the Biden-Trump Rematch; The C-suite has been relatively quiet about the presidential election, as executives fear becoming a political target.
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
Quiet in the C-suite. Three years ago, corporate leaders openly spoke out against Donald Trump over his role in the Jan. 6, 2021, Capitol attack. But as the former president leads in many polls this time around, most in the C-suite are staying quiet. In 2021, C.E.O.s including Mary Barra of General Motors and Doug McMillon of Walmart publicly urged a peaceful transition of power. This time, leaders have largely stayed out of the political fray. Only a handful of executives have publicly supported Trump, who was willing to go after perceived enemies in corporate American when he was in office. And while there may be support for President Biden behind the scenes, few have offered it on the record.
/jlne.ws/3XzSLmV
IRS Apologizes to Ken Griffin to Settle Tax Data Breach Case
Sabrina Willmer and David Voreacos - Bloomberg
The US Internal Revenue Service issued an unusual public apology to hedge fund manager Ken Griffin for failing to protect his confidential tax data from being stolen and leaked to the media by a contractor now in prison.
/jlne.ws/4eGEiLS
Biden Wants to Be Tough With Russia and Iran-But Wants Low Gas Prices Too; Softer-than-expected sanctions on major oil producers frustrate some Treasury Department staffers
Anna Hirtenstein, Joe Wallace, Ian Talley, Costas Paris - The Wall Street Journal
The Biden administration wants to keep gas prices stable ahead of the election by encouraging oil to flow into global markets. The effort has run square into another priority: being tough on adversaries Russia, Iran and Venezuela. The policy has led to softer-than-expected sanctions on major oil producers, according to diplomats, former government officials and energy-industry players briefed by current officials.
/jlne.ws/3zjxVOw
French Companies Are Rushing to Sell Junk Debt Ahead of Election; Some investors worry about more losses in adverse scenarios; Junk bonds, risky bank debt on offer shortly before the vote
Eleanor Duncan and Tasos Vossos - Bloomberg
French companies are rushing to secure funding ahead of any potential disruptions following the first round of parliamentary elections this coming weekend. Car maker Renault SA's financing arm and frozen food chain Picard Groupe SAS are among those hitting the market. There is a brief window for firms to do so as a gauge of credit risk has eased in recent days, after it surged in the wake of President Emmanuel Macron calling a snap election.
/jlne.ws/3zkznQR
How China Is Reshaping Hong Kong; On today's Big Take Asia podcast, we look at how Beijing is reclaiming Hong Kong - and what that means for the future of the finance hub.
K Oanh Ha, Yang Yang, Naomi Ng, and Jessica Beck - Bloomberg
Four years after Beijing imposed a national security law on the city, Hong Kong continues to serve as an important financial hub connecting mainland China with the rest of the world. But beneath the surface, the consequences of the crackdown are far-reaching.
/jlne.ws/4cAVcd5
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| Regulation & Enforcement | | Stories about regulation and the law. | Microsoft Risks EU Fine After Antitrust Warning Over Teams; EU says US company's practice protected its market dominance; Microsoft's Smith says the company will work to find solutions
Samuel Stolton - Bloomberg
Microsoft Corp. risks a hefty European Union fine after regulators accused the company of abusing its market power by bundling the Teams video-conferencing app to its other business software. The European Commission said it fired off a so-called statement of objections alleging that Microsoft's practice of tying Teams to its Office 365 and Microsoft 365 packages fell foul of the bloc's competition rules.
/jlne.ws/45I9Ywj
SEC Still Weighing Next Steps in Court Over New Hedge Fund Rules
Lydia Beyoud, Will Kubzansky and Annmarie Hordern - Bloomberg
Wall Street's top regulator is still evaluating its next steps in trying to force hedge funds and private equity firms to disclose more about their fees, according to Securities and Exchange Commission Chair Gary Gensler. Gensler said Tuesday the agency is assessing how to respond to an appeals court opinion earlier this month that blocked new SEC rules forcing firms to detail quarterly fees and more about their expenses to investors. The three-judge panel in New Orleans said the regulator had overstepped its authority in crafting the regulation.
/jlne.ws/4cy7rHp
PetroChina to pay $14.5 million fine for US export violations, DOJ says
Reuters
PetroChina International America, a unit of PetroChina, has agreed to pay a fine and forfeiture totaling $14.5 million for violations of U.S. export law, the Justice Department said on Tuesday. Authorities discovered evidence the company had reported inaccurate information in an electronic database exporters use to declare international exports from the U.S., the U.S. attorney's office for the southern district of Texas said in a press release.
/jlne.ws/4cFPPJT
Man Convicted of Violent Home Invasion Robberies to Steal Cryptocurrency
Department of Justice
A federal jury in Greensboro, North Carolina, convicted a Florida man today for his lead role in an international conspiracy to break into U.S. citizens' homes, violently kidnap and assault them, and steal their Bitcoin and other cryptocurrency. According to court documents and evidence presented at trial, Remy St Felix, 24, of West Palm Beach, was a leader of a robbery crew that targeted cryptocurrency owners through violent home invasions. Between September 2022 and July 2023, St Felix helped to plan and orchestrate a series of robberies in Durham, North Carolina; Florida; Texas; and New York. Victims from St Felix's home invasions were kidnapped in their own homes and told to access and drain their cryptocurrency accounts.
/jlne.ws/3XG7VHo
Two Men Sentenced for Orchestrating Multimillion-Dollar Cryptocurrency Securities Fraud and Wire Fraud Schemes
Department of Justice
Two men were sentenced for manipulating the price of a security and scheming to defraud investors in connection with the purchase of Hydrogen Technology's cryptocurrency, HYDRO. Shane Hampton, 32, of Philadelphia, was sentenced today to two years and 11 months in prison. His co-conspirator, Michael Kane, 39, of Miami Beach, Florida, was sentenced yesterday to three years and nine months in prison.
/jlne.ws/3zblMuT
CFTC Grants ForecastEx, LLC DCO Registration and DCM Designation
CFTC
The Commodity Futures Trading Commission today announced it has issued ForecastEx, LLC an Order of Registration as a derivatives clearing organization (DCO) and an Order of Designation as a designated contract market (DCM) under the Commodity Exchange Act (CEA).
/jlne.ws/3VWI38S
CFTC Approves Final Capital Comparability Determinations for Certain Non-U.S. Nonbank Swap Dealers
CFTC
The Commodity Futures Trading Commission announced today it has approved four comparability determinations and related comparability orders granting conditional substituted compliance in connection with the CFTC's capital and financial reporting requirements to certain CFTC-registered nonbank swap dealers organized and domiciled in Japan, Mexico, the European Union (France and Germany), or the United Kingdom.
/jlne.ws/3xBvlCZ
SEC Charges Meta Materials and Former CEOs with Market Manipulation, Fraud and Other Violations
SEC
The Securities and Exchange Commission today filed charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC's charges in an administrative proceeding, while the SEC's litigation against Brda and Palikaras will proceed in federal district court.
/jlne.ws/4cxjhBq
SEC Obtains Final Judgments Against Investment Adviser and Its President Charged with Fraud and Failing to Produce Records to SEC Examinations Staff
SEC
On June 25, 2024, the U.S. District Court for the Southern District of Florida entered final judgments against Lufkin Advisors, LLC and its President, Chauncey Forbush Lufkin, III, whom the SEC previously charged with engaging in an ongoing fraud on the private funds they manage and the investors in those funds, as well as multiple other violations. Among other things, the judgments order defendants to pay $425,000 in civil penalties.
/jlne.ws/45FbyiK
SEC Charges Former CEOs of Meta Materials with Market Manipulation, Fraud, and Other Violations
SEC
The Securities and Exchange Commission today charged John Brda and Georgios Palikaras, former CEOs of Meta Materials Inc., for their roles in a concerted market manipulation scheme that raised $137.5 million from investors in an at-the-market (ATM) offering in June 2021 immediately prior to the merger of Brda's Torchlight Energy Resources Inc. and Palikaras' Metamaterials Inc. that formed Meta Materials.
/jlne.ws/3RJVxSP
Federal Court freezes assets of United Global Capital and Global Capital Property Fund
ASIC
ASIC has obtained interim orders from the Federal Court freezing the assets of financial advice licensee United Global Capital Pty Ltd (UGC) and related property investment company Global Capital Property Fund Limited (GCPF). ASIC sought the orders to protect investor funds while an investigation is continuing.
/jlne.ws/3VEBuGG
ASIC issues reminder to AFS licensees about new experienced provider pathway notification obligations
ASIC
Since 21 September 2023, financial advisers who meet the criteria to access the experienced provider pathway have been able to rely upon the pathway as an alternative way to satisfy the qualifications standard and the professional year standard by making a written declaration. Financial advisers who make a written declaration must give a copy to their AFS licensee(s) as soon as practicable.
/jlne.ws/3zcH9fm
ASIC calls on market intermediaries to strengthen supervision of business communications
ASIC
ASIC is calling on market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives' business communications to prevent, detect and promptly address misconduct and contraventions of financial services laws.
/jlne.ws/4bku4hi
Teamwork: A Smart way to tackle financial crime
FCA
Speech by Steve Smart, joint executive director of enforcement and market oversight, delivered at the Financial Services Investigations and Enforcement Summit.
/jlne.ws/4cgGSXz
Singapore Publishes National Asset Recovery Strategy
MAS
Singapore today published our National Asset Recovery Strategy, setting out our comprehensive approach towards the recovery of illicit funds and assets from criminals, and the forfeiture of these assets or their return to victims. Announced by Prime Minister and Minister for Finance Lawrence Wong at the opening of the Financial Action Task Force Plenary Meeting this morning, the National Asset Recovery Strategy is part of Singapore's continued efforts to enhance its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
/jlne.ws/3VWDRG5
SFC bans Wu Chao for three years and seven months
SFC
The Securities and Futures Commission (SFC) has prohibited Mr Wu Chao, a former responsible officer, manager-in-charge (MIC) and chief operations officer of DA International Financial Service Limited (DA), from re-entering the industry for three years and seven months from 26 June 2024 to 25 January 2028 (Note 1). The disciplinary action follows an SFC investigation, which found that between February and April in 2022, Wu concealed from DA his beneficial interest in and that he had direct control or influence over a securities margin account held by a third party at DA. He also failed to obtain DA's approval for the securities transactions conducted by him in the account.
/jlne.ws/3xBxYER
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Texas Wealth Adviser Overseeing $7 Billion Eyes Mexico's Ultra-Rich; Americana Partners is expanding into Latin America, hiring Jorge Suárez-Vélez to lead a new arm focused on families looking to diversify their investments.
Suzanne Woolley - Bloomberg
Investment adviser Americana Partners is launching a Latin American division with a special focus on wealthy families in Mexico. Americana, based in Houston with $7 billion in assets under management, announced Tuesday it has hired Jorge Suárez-Vélez, a former managing director at Allen & Company Investment Advisors, to lead the effort, serving as chief executive officer and founding partner.
/jlne.ws/3xA1Y48
Treasury Liquidity Is Better Than Traders Feared, JPMorgan Says
Elizabeth Stanton and Ye Xie - Bloomberg
For investors watching US Treasuries for signs of renewed turmoil, JPMorgan Chase & Co. has some advice: Don't worry, liquidity in the world's biggest bond market is on the mend. "Broad measures of liquidity have been on an improving trend through 2024, supported by declining delivered volatility amid one of the longer Fed on-hold periods in modern history," JPMorgan interest-rate strategists led by Jay Barry said.
/jlne.ws/3xp7g2m
Treasury Basis Trade Stays In Vogue - Unless Volatility Erupts
Alexandra Harris - Bloomberg
The basis trade, a strategy hedge funds use to profit from small price discrepancies between Treasury bonds and their futures contracts, is back. And its popularity may grow unless a liquidity squeeze disrupts those markets. The approach typically calls for purchasing the security that appears undervalued, while selling short the other asset in anticipation the two prices will converge. It relies on significant leverage from borrowing securities in the market for overnight repurchase agreements, which are loans collateralized by Treasuries.
/jlne.ws/3KYdAAL
Ignore the 'AI Revolution' at Your Own Peril, Investors Warn
Allison McNeely, Hema Parmar and Marion Halftermeyer - Bloomberg
While a recent selloff in shares of chipmaker Nvidia Corp. may have fueled fears of an artificial intelligence bubble, investors and asset managers still take a broadly positive view of the technology - with some caveats. Speaking at the Bloomberg Invest summit Tuesday, Coatue Management founder Philippe Laffont said he's bullish on AI despite the hype, pointing out that increased chatter about an investment can actually be a good sign.
/jlne.ws/4eHIWcP
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The exponential growth of solar power will change the world' An energy-rich future is within reach
The Economist
It is 70 years since AT&T's Bell Labs unveiled a new technology for turning sunlight into power. The phone company hoped it could replace the batteries that run equipment in out-of-the-way places. It also realised that powering devices with light alone showed how science could make the future seem wonderful; hence a press event at which sunshine kept a toy Ferris wheel spinning round and round. Today solar power is long past the toy phase. Panels now occupy an area around half that of Wales, and this year they will provide the world with about 6% of its electricity-which is almost three times as much electrical energy as America consumed back in 1954. Yet this historic growth is only the second-most-remarkable thing about the rise of solar power. The most remarkable is that it is nowhere near over.
/jlne.ws/3XM3DOq
Clothes, cookware, floss: Colorado law to ban everyday products with PFAS; Items containing 'forever chemicals' linked to cancer risk, lower fertility and developmental delays
Edward Helmore - The Guardian
A new law coming into effect in Colorado in July is banning everyday products that intentionally contain toxic "forever chemicals", including clothes, cookware, menstruation products, dental floss and ski wax - unless they can be made safer. Under the legislation, which takes effect on 1 July, many products using per- and poly-fluoroalkyl substances - or PFAS chemicals linked to cancer risk, lower fertility and developmental delays - will be prohibited starting in 2026.
/jlne.ws/3zmbwAb
Texas' Extreme Weather Pileups Point to World's Climate Future; The state is reeling from multiple, back-to-back natural disasters. "Compound events" like these are set to become more common across a warming world.
Brian K Sullivan, Eric Roston, David Wethe, and Joe Carroll - Bloomberg
On a recent weekday morning, Jessica Gutierrez used a push broom to clear mud off a walkway while Shannon Hall walked past her, lugging furniture out to the street. In their front yard sat an oven, a pair of desk chairs and several interior doors, all damaged by a flood in May that ripped through River Plantation, a subdivision 30 minutes north of Houston, following torrential rains. It's the first time the women have experienced flooding in their home since moving in almost eight years ago.
/jlne.ws/3zgHMEO
Nigeria to ban single-use plastics next year
Isaac Anyaogu - Reuters
Nigeria on Tuesday announced a ban on single-use plastics in government offices as a prelude to a nation-wide ban set to begin in January next year, a move that could stir a storm in a country hugely dependent on plastics. A recent study by the U.S. Agency for International Development found that Nigeria is among the world's top plastic polluters, generating over 2.5 million tonnes of plastic waste annually, and over 70% of which ends up in seas and landfill.
/jlne.ws/3xo7c2V
Midwestern carbon dioxide pipeline project gets approval in Iowa, but still has a long way to go
Jack Dura - Associated Press
Iowa public utility regulators on Tuesday approved a controversial carbon dioxide pipeline for transporting emissions of the climate-warming greenhouse gas for storage underground in a win for Summit Carbon Solutions' project after setbacks in other states and opposition from landowners around the Midwest. The company still has many hoops to jump through before it can begin building in Iowa, including gaining other states' approval.
/jlne.ws/3RHShas
Big Oil under pressure to recalibrate green transition goals; Some producers have started to row back on low-carbon strategies amid high fossil fuel demand and investor concerns
Tom Wilson - Financial Times
/jlne.ws/4bjcYR9
Denmark to charge farmers 100 euro a cow in first carbon tax on agriculture; Coalition government agrees annual levy on emissions from livestock after months of fraught negotiations
Attracta Mooney, Susannah Savage, Alice Hancock and Emma Agyemang - Financial Times
/jlne.ws/45DNFbl
Lufthansa to impose green surcharge in bid to pass on sustainable fuel costs; Frankfurt-based airline is first European group to introduce fees linked to new EU fuel rules coming into force in 2025
Robert Wright - Financial Times
/jlne.ws/3zczIEY
Japan found enough minerals off a remote Pacific island to fuel its EV plans for over a decade
Tom Carter - Business Insider
/jlne.ws/4eFvQwE
BHP Says Carbon Offsets Remain an Option on Road to Reducing Emissions; BHP is on track to reduce its operational greenhouse gas emissions by at least 30% by fiscal 2030 versus fiscal 2020
Rhiannon Hoyle - The Wall Street Journal
/jlne.ws/3L2oV2M
Barclays CEO Says It's Misguided to Go 'Cold Turkey' on Oil
Alastair Marsh - Bloomberg
/jlne.ws/4blxPn1
Go Woke, Go Broke? Not a Chance, Say Ben and Jerry; Still best friends, Ben & Jerry's founders speak about mixing politics with business, the ice cream brand's future and why Ozempic doesn't worry them
Saabira Chaudhuri - The Wall Street Journal
/jlne.ws/45Kyjls
On Day of Fatal BP Refinery Blast, 3,712 Safety Alarms and One Unsent Email; The company played down worker concerns ahead of a 2022 explosion that killed two brothers, government investigators find
Jenny Strasburg - The Wall Street Journal
/jlne.ws/3XFYozZ
Volkswagen Will Invest Up to $5 Billion in Rivian; VW and Rivian, a maker of electric trucks that has struggled to increase sales and break even, will work together on software and other technologies.
Jack Ewing - The New York Times
/jlne.ws/3XErmjO
EU backs 650-billion-euro plan to help cities reach net zero by 2030
Kate Abnett and Simon Jessop - Reuters
/jlne.ws/3L0B08F
Exxon Signs Deal to Supply Lithium to South Korean Battery Giant
Mark Burton - Bloomberg
/jlne.ws/4eRDSmj
Is Natural Gas a Fossil Fuel Trap or a Bridge to Clean Energy? How one industry's incredible boom became an unexpected threat to renewables-and the world's ambitious climate goals
Aaron Clark and Stephen Stapczynski - Bloomberg
/jlne.ws/4eGjC72
China's Glut of Coal Delivers Early Success in Dodging Summer Shortages
Bloomberg News
/jlne.ws/3xzqja8
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Big-Bank Dealmakers Will Keep Moving to Boutiques, Taubman Says
Todd Gillespie - Bloomberg
The flow of top dealmakers from traditional bulge-bracket firms to boutique investment banks is likely to continue as smaller shops grow and large clients look beyond the largest banks, according to PJT Partners Inc. founder Paul Taubman. More sophisticated clients are increasingly looking first to smaller firms for specialized advice, rather than larger Wall Street banks, Taubman said Tuesday at the Bloomberg Invest summit in New York. That has been particularly true since 2008, when larger players took a reputational hit, he said.
/jlne.ws/3KZlpXa
Why Neil Phillips Avoided Prison: Morgan Stanley Was His Victim
Chris Dolmetsch - Bloomberg
The judge who sentenced Glen Point Capital co-founder Neil Phillips to probation instead of prison for manipulating an exchange rate said leniency was warranted in part because the victim in the case was Morgan Stanley. Manhattan federal prosecutors had asked for a two-year prison sentence for Phillips, who was convicted in October of directing $700 million in trades aimed at manipulating the value of the South African rand to 12.50 against the US dollar. That was the barrier rate at which a $20 million option he bought from Morgan Stanley would pay out.
/jlne.ws/4bjGxBS
KKR acquires $2.1 billion portfolio of multifamily real estate assets from Quarterra
Reuters
Investment firm KKR acquired a portfolio of 18 multifamily real estate assets on Tuesday from a closed end fund sponsored by developer Quarterra Multifamily for about $2.1 billion. The portfolio includes 5,200 units across California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey. The global commercial property industry, in particular offices, is still in the grip of its biggest slump since the 2007-9 financial crisis.
/jlne.ws/4cBWBjD
Kuwait's Wealth Fund to Open Saudi Arabia Office to Boost Ties
Fiona MacDonald - Bloomberg
Kuwait's wealth fund, which manages more than $800 billion in government funds, will open an office in Saudi Arabia to strengthen ties between the OPEC-member states. Kuwait Investment Authority's board decided to open a representative office in Saudi Arabia that "will contribute to enhancing trade and investment exchange" between the countries, KIA Chairman and Minister of Finance Anwar Al-Mudhaf said in a statement on Tuesday.
/jlne.ws/3xolZKV
Nervy Investors Rip Up ESG Playbooks in Election Supercycle; Withdrawals from US funds have accelerated on anti-green mood; Backlash poses risks to sustainable policies, tax incentives
Ishika Mookerjee - Bloomberg
An anti-green backlash in 2024's global election-supercycle is already taking a toll on environmental, social and governance-focused assets, with an ultimate test still to come in the US presidential vote. Investors have pared exposure to sectors including renewable energy and electric cars as candidates in some of the dozens of nations holding polls this year have raised concerns over the costs and speed of efforts to curb emissions.
/jlne.ws/3xp9cYH
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How to Do Succession the Right Way; Bernard Arnault is taking steps to ensure his family remains harmonious and (firmly) in control of his LVMH empire.
Brad Stone - Bloomberg
Jacob Sapirstein, the son of a rabbi from Wasosz, Poland, immigrated to America in 1905 and, after passing through Chicago, ended up in Cleveland. He got a job with relatives dealing postcards in the lobby of a downtown hotel, then, with a $50 bank loan, he struck out on his own, importing and selling elegant, German-made postcards to candy and novelty shops and drugstores from a horse-drawn carriage.
/jlne.ws/3RJdSzp
When the Terms of Service Change to Make Way for A.I. Training
Eli Tan - The New York Times
Last July, Google made an eight-word change to its privacy policy that represented a significant step in its race to build the next generation of artificial intelligence. Buried thousands of words into its document, Google tweaked the phrasing for how it used data for its products, adding that public information could be used to train its A.I. chatbot and other services. The subtle change was not unique to Google. As companies look to train their A.I. models on data that is protected by privacy laws, they're carefully rewriting their terms and conditions to include words like "artificial intelligence," "machine learning" and "generative A.I."
/jlne.ws/3KXVwaf
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Your gut microbes may influence how you handle stress
Will Stone - NPR
The gut microbiome - the ecosystem of tiny organisms inside us all - has emerged as fertile new territory for studying a range of psychiatric conditions and neurological diseases. Research has demonstrated the brain and gut are in constant communication and that changes in the microbiome are linked to mood and mental health. Now a study published this month in Nature Mental Health finds distinct biological signatures in the microbiomes of people who are highly resilient in the face of stressful events.
/jlne.ws/4bn1R9V
Nearly 1.8 billion adults at risk of disease from not doing enough physical activity
World Health Organization
New data show that nearly one third (31%) of adults worldwide, approximately 1.8 billion people, did not meet the recommended levels of physical activity in 2022. The findings point to a worrying trend of physical inactivity among adults, which has increased by about 5 percentage points between 2010 and 2022. If the trend continues, levels of inactivity are projected to further rise to 35% by 2030, and the world is currently off track from meeting the global target to reduce physical inactivity by 2030. The World Health Organization (WHO) recommends that adults have 150 minutes of moderate-intensity, or 75 minutes of vigorous-intensity physical activity, or equivalent, per week. Physical inactivity puts adults at greater risk of cardiovascular diseases such as heart attacks and strokes, type 2 diabetes, dementia and cancers such as breast and colon.
/jlne.ws/4cBmj82
C.D.C. Warns Doctors About Dengue as Virus Spreads to New Regions; The excruciating mosquito-borne disease is surging in much of the world. Federal health officials urged physicians to watch for new cases in the United States.
Stephanie Nolen and Teddy Rosenbluth - The New York Times
Federal health officials warned that the risk of contracting dengue in the United States has increased this year, a worrying sign as global cases of the mosquito-borne disease hit record numbers. In the first half of this year, countries in the Americas reported twice as many cases as were reported in all of 2023, the Centers for Disease Control and Prevention reported Thursday in an alert to health care providers. The region has seen nearly 10 million cases of the virus so far in 2024, most of which originated in outbreaks in South American countries like Brazil and Argentina.
/jlne.ws/4cipTnx
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Margin Trades of $30 Billion Add to Risks for Japan Stock Rally; Japan's margin buying positions climb to biggest since 2006; Concern that investors may close positions due to losses
Hideyuki Sano and Momoka Yokoyama - Bloomberg
Japanese shares' slide from record highs has spawned another major risk: bullish individuals have built up the biggest margin buying positions since 2006 that they may have to unwind. Total positions held by the nation's army of retail investors reached ¥4.91 trillion ($30.8 billion) as of June 21, as leveraged, often high-risk bets continued to expand despite the Nikkei 225 index losing 4% since peaking in March.
/jlne.ws/3zgCOrE
High RBA Rates Driving Some Home Borrowers to Sell, Kent Says
Swati Pandey - Bloomberg
Australian households with stretched finances are increasingly opting to sell their property to pay off home loans at a time of elevated interest rates, a senior Reserve Bank official said. Loan discharges or mortgage release from property sales have increased, and by more than the rise in new lending, RBA Assistant Governor Christopher Kent said in a speech in Melbourne on Wednesday. He provided a chart that showed mortgage discharges were running above A$40 billion ($26.7 billion) per quarter - the highest since at least 2010.
/jlne.ws/4bAyXTX
Zimbabwe to Get 300,000-Ton Corn Delivery to Aid Drought Impact; More than half of the country's population will need food aid; El Nino has slashed the nation's corn crop by almost 70%
Godfrey Marawanyika - Bloomberg
Zimbabwe's government expects to take delivery of 300,000 tons of corn this month to boost national reserves following a drought that reduced its harvest. "The government of Zimbabwe has dispatched 53,826 metric tons of grain under the social welfare program," Information Minister Jenfan Muswere told reporters in the capital, Harare on Tuesday.
/jlne.ws/3VxpFSk
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