| August 17, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Are you John Doe? You might be if you conducted at least $20,000 in cryptocurrency transactions between 2016 and 2021 with or through SFOX, a cryptocurrency prime dealer headquartered in Los Angeles, California. The Department of Justice was granted an order by a federal court in the Central District of California authorizing the IRS to serve a John Doe summons on SFOX.
The CFTC seems to be on a winning streak for some of its recent court cases. It won a jury verdict in a Texas broker trading case where the broker and the firm were found liable for secretly trading against the customers and disclosing confidential information. And of course the firm was found liable for failing to supervise the broker and failing to make and keep required records. Why keep records of your crimes? The case involved Andrew Gizienski and EOX Holdings, LLC (EOX).
Former CFTC Commissioner Dawn Stump has joined Solidus Labs as a strategic advisor. Solidus Labs offers digital asset trade surveillance and risk monitoring technology.
Citadel Securities is doing just fine. Its revenue for the first half surged to $4.2 billion and now the firm has 10 straight quarters of revenue above $1 billion, with eight above $1.5 billion. This is just the securities side, not the hedge fund.
ABN AMRO Clearing Chicago LLC is looking for a Relationship Manager in Chicago.
The Security Traders Association has issued the initial program and agenda for their 89th Annual Market Structure Conference to be held on October 12 to 124 in Washington, DC.
Jaclyn Sales has been promoted to director, product communications at Coinbase.
TradeStation is looking for a senior product owner in their order execution team. The position is 100% remote.
Telstra has appointed Eric Dalessio to head customer service delivery for the Americas. He will be responsible for "driving digital transformation and business growth across the region while playing a key role in redefining the Telstra customer experience."
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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Registration is open for FIA Expo taking place this 14-15 November at a new location - the Sheraton Grand Riverwalk Chicago. Experience compelling panels that build your knowledge, product demos that deliver innovative solutions, and networking opportunities that celebrate human connections. Whether you're a trader chasing the latest trends affecting the markets, a back office manager seeking ways to increase operational efficiency or a business strategist looking for what's next, you'll find it at Expo. This year, FIA is offering full conference, single day and exhibits plus registration options. Learn more and register by 2 September for the best rates!
Register HERE
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Elon Musk Says He Was Joking About Buying Manchester United; Tesla CEO clarifies hours after tweeting he'd purchase club; Post risks running afoul of SEC because Man United is listed
Emma O'Brien and Peter Vercoe - Bloomberg
Elon Musk joked on Twitter about buying Manchester United Plc, letting 4 1/2 hours go by before clarifying he was kidding about purchasing the English football club listed on the New York Stock Exchange. The Tesla Inc. chief executive officer and world's richest person sent his initial missive about the storied club in a reply to an earlier post about his political allegiances. When a Tesla fan club account asked whether Musk was serious, he replied no, he isn't buying any sports teams.
/jlne.ws/3bYh74u
***** He has not been in the news enough, so he had to create some controversy to make sure he got some headlines. Lying about buying Manchester United is a sure bet to get you some headlines.~JJL
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The Office Is Dying. It's Time to Rethink How We Work.; Anne Helen Petersen and Charlie Warzel discuss how the great retreat from office life could make work better for everyone.
Ezra Klein - The New York Times
Over the past year, many places have returned to something approximating a prepandemic normal. Restaurants are filling up again. Airports and hotels are packed. Even movie theaters have made a comeback. But that hasn't been the case for the office. Only about a third of office workers are back in the office full time. And that isn't likely to change dramatically any time soon: Recent surveys asked executives about the share of their workers who would be back in the office five days a week in the future. In 2021 the response was 50 percent; now it's down to 20 percent. But the alternatives — remote and hybrid work — come with their own problems. In many cases, remote work has become synonymous with meeting fatigue, the collapse of work-life balance, overwhelming amounts of email and Slack messages and awkward attempts at social connection. And hybrid work setups often represent what some have called the worst of both work worlds: long commutes to half-empty offices, just to sit on Zoom calls all day.
/jlne.ws/3A2qIiH
***** My office is very crowded most of the time between me and the two dogs, Bella and Indiana Jones (Indy).~JJL
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Car Owners Say It's 'Virtually Impossible' to Find Street Parking in New York City; A spike in car ownership, dining sheds and the comeback of alternate-side parking are making it tougher than ever to find spaces.
Marie-Rose Sheinerman - Bloomberg
Now more than ever, New York City car owners watching "Seinfeld" on Netflix can relate to George Costanza's apoplectic rage over parking spots. As with so much else, the pandemic is to blame for supercharging a problem that was painful even three decades ago during the "Seinfeld" heyday. With some New Yorkers shunning the subway in the wake of the Covid outbreak, one measure of car ownership in the city surged 224% in 2021.
/jlne.ws/3JXKG2F
****** Try putting a chair in a parking spot to save it and see how that works?~JJL
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Tuesday's Top Three
Our top story Tuesday was The Financial Times' Fact-checking SBF's 'circle jerk' about Sam Bankman-Fried's latest tweets. Second was Lincoln Park mansion that has long been home to Ken Griffin's ex-wife, Anne Dias, sells for $10M, from The Chicago Tribune, which was also in second place on Monday. Third was SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts, from the SEC.
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MarketsWiki Stats
26,974 pages; 240,259 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
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| Lead Stories | 'The Mother of All Shorts' Is Also an Extremely Risky Trade; AMTD Digital still trading more than 2,000% above IPO price; High borrowing costs, low float keeping short sellers at bay
Ishika Mookerjee and John Cheng - Bloomberg
By any conventional measure, AMTD Digital Inc. is one of the world's most overvalued stocks. The barely profitable Hong Kong financial services firm trades at more than 400 times its latest fiscal-year earnings, compared with about 6 times for Goldman Sachs Group Inc., according to Bloomberg-compiled data. Even after tumbling more than 90% from its peak in early August, AMTD Digital's 2,221% gain since listing in New York five weeks ago rivals GameStop Corp.'s surge at the peak of meme-stock mania. One analyst has called AMTD Digital -- whose leader is appealing a ban from Hong Kong's securities industry -- "the mother of all shorts."
/jlne.ws/3w8KXd6
FX Activity Surges 8% as War and Inflation Risks Fuel Volatility; Average daily trading volumes climbed 8% year-on-year in July; Pickup in activity has come amid increase in market volatility
Mary Biekert - Bloomberg
The amount of foreign-exchange transactions has leaped over the past year amid a surge in market volatility that's been fueled by increased geopolitical turbulence and big shifts in monetary policy as central banks around the world battle to contain inflation. Average daily trading volumes in July jumped around 8% from a year earlier, according to figures from CLSMarketData, an FX data and analytics service. The average daily volume of transactions submitted to CLS was around $1.879 trillion. That's up from $1.745 trillion in July 2021, although below the June 2022 number of $1.98 trillion. Volumes in forwards helped drive the annual advance, rising 66% year-on-year, while the amount conducted in spot rose 12% and swaps were up 2%.
/jlne.ws/3ppQ70E
Genesis CEO Steps Down as Crypto Broker Slashes Its Workforce
Yueqi Yang and Vildana Hajric - Bloomberg
Genesis Chief Executive Officer Michael Moro is stepping down as part of a leadership shuffle after the crypto brokerage was stung by exposure to bankrupt hedge fund Three Arrows Capital and a broad market downturn.
/jlne.ws/3wb7A0x
HSBC, Citigroup and the End of Global Banking; Ping An's campaign to break up the biggest British lender is the latest reminder that conquering the world is no longer a viable strategy.
Marc Rubinstein - Bloomberg
Twenty years ago, as they returned from summer vacations, staff at HSBC Holdings Plc began moving into their gleaming new global headquarters in London's Canary Wharf. Designed by Norman Foster, the building was one of two new towers to spring up on the skyline east of the City. The other was home to Citigroup Inc., whose employees had moved in a few months earlier. At the time, these were jointly the second-tallest buildings in the UK. They reflected the confidence of their occupants: each vying to be the biggest, most imposing bank in the world.
/jlne.ws/3C6QViG
Chasing Stocks Back in Vogue From Big Managers to Options Geeks; Surveys show fund positioning is rising from depressed levels; Cboe put-call ratio's 10-day average falls to four-month low
Lu Wang - Bloomberg
What began as a tentative testing of the equity-market waters is giving evidence of morphing into something bigger. While a long way from the fervid pitch of the post-pandemic years, there are signs speculative zest is spreading beyond just meme traders, who have pushed AMC Entertainment up 78% in two weeks and caused Bed Bath & Beyond to quintuple. Comparatively stodgy active fund managers just jacked up stock buying at one of the fastest rates in years, and measures of bullish options exposure are surging.
/jlne.ws/3Asmxhl
Bitcoin Miner Stronghold Gives Back 26,200 Rigs to Reduce Debt
David Pan - Bloomberg
Bitcoin miner Stronghold Digital Mining Inc. said it reached agreements with lender New York Digital Investment Group and WhiteHawk Capital to eliminate over half its debt and add liquidity. The company will also restructure a convertible note. Stronghold will return around 26,200 Bitcoin mining machines to NYDIG, which will eliminate all of the $67.4 million outstanding debt from an original agreement, the Kennerdell, Pennsylvania-based miner said in a statement Tuesday. Stronghold received a commitment from WhiteHawk to restructure and expand its current equipment financing agreements, which reduces near-term payments and includes $20 million of additional borrowing capacity.
/jlne.ws/3pr16ak
Former CFTC Commissioner, Dawn Stump, Joins Solidus Labs as Strategic Advisor
BusinessWire
Solidus Labs, the leading crypto-native market integrity and risk monitoring firm, announced that it has appointed Dawn Stump, former Commissioner of the Commodity Futures Trading Commission (CFTC), as a strategic advisor to the company. In this role, Stump will provide advice and support the firm's regulatory engagement and policy development strategy, as Solidus continues to deliver cutting-edge digital asset trade surveillance and risk monitoring technology, and lead the crypto and DeFi industry towards higher market integrity standards.
/jlne.ws/3w7i8y0
Fed Says Banks That Jump Into Crypto Must Do Legal Homework; Lenders should let supervisors know about plans ahead of time; Supervisory letter lists opportunities, risks of asset class
Alex Nguyen - Bloomberg
Regulators at the Federal Reserve have a blunt warning for banks looking to take advantage of new opportunities that involve cryptocurrencies: make sure they're legal first. The central bank on Tuesday released a supervisory letter recommending steps that lenders overseen by the Fed should take before getting involved in the digital-asset industry. As a starting point, the Fed said, firms should notify the regulator prior to engaging in crypto-related activities and ensure that they comply with rules.
/jlne.ws/3C8vZI4
Citadel Securities Revenue Surges to $4.2 Billion on Volatility; Market's wild swings generate 23% jump in trading revenue; Firm posts 10 straight quarters of revenue above $1 billion
Paula Seligson and Katherine Doherty - Bloomberg
Ken Griffin's Citadel Securities raked in a record $4.2 billion in first-half net trading revenue, capitalizing on this year's surge in market volatility and stepping up its competition with the biggest banks. Revenue soared about 23% from last year's first half, according to people with knowledge of the situation. Citadel Securities has posted 10 consecutive quarters of net trading revenue in excess of $1 billion, with eight of those surpassing $1.5 billion, the people said, asking not to be identified disclosing private information.
/jlne.ws/3w9vv0A
Wall Street's Record Fines Over WhatsApp Use Were Years in the Making; SEC, CFTC struggled to access messages, prompting probes; Banks expected to pay $2 billion in US fines for recordkeeping
Stefania Spezzati, Matt Robinson, and Lydia Beyoud - Bloomberg
Record fines that the world's biggest investment banks are expected to pay in the coming months reflect years of frustration among US regulators that their investigations were being hampered by unmonitored messaging among bankers. Investigators at the Securities and Exchange Commission and Commodity Futures Trading Commission were repeatedly hindered by firms not archiving communications as required, according to people familiar with the matter. The watchdogs worried that missives on bankers' personal phones about cutting deals, trading and courting clients were being completely lost and would ultimately make it harder to look for wrongdoing.
/jlne.ws/3dpKCfF
Decades After Coining 'ETF,' Morgan Stanley Is Finally Launching Its Own; Firm files for four equity-tracking ESG-flavored funds; Morgan Stanley's asset management arm oversees $1.4 trillion
Katherine Greifeld and Emily Graffeo - Bloomberg
Almost three decades after coining the term "exchange-traded fund," Morgan Stanley is finally set to enter the $6.9 trillion ETF arena with its own products. The James Gorman-led bank applied for four socially conscious funds on Tuesday tracking US and international equities, according to a Tuesday filing with US regulators. The filing lands months after Morgan Stanley revealed plans to create a dedicated ETF platform in an internal memo. The planned launches from Morgan Stanley are the latest in a series of investment giants caving to the ETF industry, with the likes of Capital Group and Neuberger Berman Group LLC taking the plunge in recent months. Given that the bank's asset management arm oversees $1.4 trillion, Morgan Stanley's moves will make a particular splash, according to Bloomberg Intelligence.
/jlne.ws/3AmnNSb
Why Metals Keep Going Missing in Commodity Trading
Bloomberg
A group of Chinese traders discovered in August that a copper merchant in northern China wasn't holding the half a billion dollars' worth of ore that was meant to be their collateral. This followed an episode in June involving missing aluminum. The incidents highlight rising risks in commodity financing as China's growth model is tested. And they carry disturbing echoes of a much bigger scandal eight years ago -- the Qingdao fraud -- that triggered a sweeping overhaul of the commodities business at international banks and trading houses.
/jlne.ws/3SY4eYu
The Rise of the One-Day Workweek for Office Commuters; The length of office visits has increased as frequency has dropped.
Jo Constantz - Bloomberg
The number of people coming into the office once a week has soared in recent months as employers from Apple Inc. to Peloton set deadlines for their return. A full 50% of office visits globally were just once a week in the second quarter, up from 44% in the first quarter, according to data from Basking.io, a workplace-occupancy analytics company. At the same time, fewer people made the commute four to five days a week, especially in large cities. Recession fears have many wondering whether a return-to-office crackdown might be around the corner. Major companies like Tesla Inc. and Goldman Sachs Group Inc. are at the forefront of this effort, and even bestselling author Malcolm Gladwell has said people need to be in the office to have a " sense of belonging." Yet, many employees still feel comfortable ignoring mandates in the tight labor market, with the demand for workers far outpacing the supply.
/jlne.ws/3Pugltu
A Constructive Approach to the EU Benchmarks Regulation
ISDA
The market-wide transition away from LIBOR has been a colossal undertaking that, while not yet fully complete, has been noted for the meticulous planning and collaboration between the public and private sectors. As the market prepares for the last representative LIBOR settings to cease publication next year, we are taking the same constructive approach to the review of the EU Benchmarks Regulation (BMR). Last week, we joined with the Asia Securities Industry and Financial Markets Association, the European Association of Corporate Treasurers, EMTA, FIA and the Global FX Division of the Global Financial Markets Association to update our recommendations for changes to the BMR that are designed to reduce the potential for disruption to users of benchmarks within the EU.
/jlne.ws/3wbNaVc
Hong Kong's Wild Stock Swings Hit New York After IPO Clampdown; Smaller firms prefer New York as IPO venue for less scrutiny; Calls rise for US regulators to look into post-IPO swings
Kiuyan Wong and John Cheng - Bloomberg
The wild stock swings that Hong Kong regulators spent more than half a decade trying to stamp out are now popping up in New York. Post-listing spikes of thousands of percent in two little-known Hong Kong firms over the past weeks have baffled investors in the world's financial capital. In fact, seven of 10 tiny listings from China and Hong Kong have gone on a tear this year before sudden collapses, catching the eye of the top US regulator. Securities and Exchange Commission Chair Gary Gensler said last week that authorities are well-placed to look into wild gyrations. For investors watching from Hong Kong such unexplained stock jumps are familiar. The city was once a hotbed of massive share moves, prompting repeated warnings from regulators on "problematic IPOs" and "ramp-and-dump schemes," which led to a drastic tightening of listing rules that all but killed off the Asian hub's small-cap board.
/jlne.ws/3Qxfcmq
US issues western water cuts as drought leaves Colorado River near 'tipping point'; Arizona, Nevada and Mexico affected as federal government steps in after states failed to reach agreement
Gabrielle Canon, Richard Luscombe and agencies - The Guardian
After western US states failed to reach agreements to reduce water use from the beleaguered Colorado River, the federal government stepped in on Tuesday, issuing cuts that will affect two states and Mexico. Officials with the Bureau of Reclamation declared a "tier 2" shortage in the river basin as the drought continues to pummel the American west, pushing its largest reservoirs to new lows. The waning water levels, which have left dramatic bathtub rings in reservoirs and unearthed buried bodies and other artifacts, continue to threaten hydroelectric power production, drinking water, and agricultural production. "The system is approaching a tipping point," the Bureau of Reclamation commissioner, M Camille Calimlim Touton, said during a news conference on Tuesday, adding that urgent action was required. "Protecting the system means protecting the people of the American West."
/jlne.ws/3A0P6Rx
Jump Crypto Picked to Revamp Solana to Make Blockchain More Reliable
Tracy Wang - CoinDesk
Jump Crypto is trying to revamp a core part of Solana's infrastructure, seeking to boost the throughput and reliability of a network that's been plagued by frequent outages and slowdowns. The cryptocurrency arm of Chicago-based TradFi giant Jump Trading Group is building a new validator client, which is software that helps secure a blockchain. Additionally, Jump Crypto will "propose significant upgrades to Solana's open-source core software," according to a statement released Tuesday.
/jlne.ws/3pqq5dO
Mizuho's Investment Bank Weighs European Cost Cuts to Stem Losses; Brokerage needs to 'rightsize' expenses, CEO says in interview; Firm has made no decision on job reductions in region
Takashi Nakamichi and Takako Taniguchi - Bloomberg
Mizuho Financial Group Inc.'s investment banking arm is reviewing ways to cut costs in Europe as it seeks to turnaround the loss-making business in the region, according to the unit's top executive. "We can't leave the situation as it is," Yoshiro Hamamoto, chief executive officer of Mizuho Securities Co., said in an interview. "We need to take steps to rightsize our expenses while at the same time working to maximize our revenue."
/jlne.ws/3K3akmk
Eurex adds emerging markets currencies to FX futures offering New FX futures contracts will now cover Brazil, Mexico and South Africa.
Wesley Bray - The Trade
Starting on 10 October, Eurex will begin trading new FX futures contracts covering Brazilian Real (BRL), Mexican Pesos (MXN) and South African Rand (ZAR). The new contracts cover the three most heavily traded currencies outside the G10. Eurex said the addition would help bolster its position as a FX liquidity hub in Europe.
/jlne.ws/3QxBjJc
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | U.S. to Buy Ukraine Grain, as Ship Traffic Increases; Aid agency will spend more than $68 million to buy and ship up to 150,000 metric tons of Ukrainian wheat for World Food Program
William Mauldin and Jared Malsin - The Wall Street Journal
The U.S. Agency for International Development is spending more than $68 million to purchase and ship Ukrainian grain in the largest such export deal since Russia's invasion this year and the start of a July agreement to allow for renewed shipments from Ukraine's Black Sea ports. USAID is providing the funds to the World Food Program, a United Nations agency that historically gets the biggest part of its grain from Ukraine, to purchase, ship and store up to 150,000 metric tons of wheat, the agency said.
/jlne.ws/3dyg63m
Ukraine Is Using These Long-Range Rockets to Repel Russia; Among recent arrivals are Himars, which fire and then quickly relocate, reload and fire again, helping Ukrainian forces evade Russian retaliatory strikes
Jemal R. Brinson and Roque Ruiz - The Wall Street Journal
A recent shipment of advanced Western weapons has reinforced Ukraine's ability to fend off Russia's invasion. U.S. Himars mobile rocket launchers and other systems from North Atlantic Treaty Organization countries have enabled Ukraine to strike Russian bases far behind the front lines, including ammunition depots. That marked a shift from weeks earlier, when Ukraine relied mostly on drones and antitank weapons such as the Javelin, and was outgunned by Russia's heavy artillery, allowing Russian troops to gain ground in eastern Ukraine.
/jlne.ws/3CcVLef
Ukraine aiming to create chaos within Russian forces, Zelenskiy adviser says
Dan Sabbagh and Luke Harding - The Guardian
Ukraine is engaged in a counteroffensive aimed at creating "chaos within Russian forces" by striking at the invaders' supply lines deep into occupied territories, according to a key adviser to the president, Volodymyr Zelenskiy. Mykhailo Podolyak told the Guardian there could be more attacks in the "next two or three months" similar to Tuesday's mysterious strikes on a railway junction and an airbase in Crimea, as well as last week's hit on Russian warplanes at the peninsula's Saky aerodrome. Russia said a fire on Tuesday had set off explosions at a munitions depot in the Dzhankoi district of Crimea - an incident that Podolyak said was a reminder that "Crimea occupied by Russians is about warehouse explosions and high risk of death for invaders and thieves".
/jlne.ws/3QMS1UP
Biden administration plans Russian oil price caps to fight inflation
Jennifer Schonberger - Yahoo! Finance
The Biden administration expects to implement the first phase of a price cap on Russian oil exports this fall in coordination with the G7, with sights set on bringing additional Asian partners on board in the winter. "We're trying to prevent a spike in global energy prices by avoiding a situation where Russia production just shuts down, and you see a subsequent spike in the price," Assistant Treasury Secretary for Economic Policy, Ben Harris, told Yahoo Finance. The U.S. has been in detailed talks with G7 partners about setting a price cap in an effort to reduce Russia's revenue to fight Ukraine and ensure oil can keep flowing to the global market, preventing a spike in global oil prices and potentially keeping a lid on inflation at home and abroad. Barclays estimates if most of Russia's sea-borne exports are disrupted, oil prices could go to $200 a barrel.
/jlne.ws/3C8u720
Russia Wheat Exports Drag as War Hits Shipment of Record Harvest; Exports remains 'painfully slow' at start of season: SovEcon; Ukraine wheat sales also running at only a third of normal
Megan Durisin - Bloomberg
Top wheat exporter Russia is struggling to ship its record harvest. Analysts have progressively hiked estimates throughout the summer as yields were buoyed by good weather, with the crop expected to notch an all-time high. That should fuel a similar surge in shipments, which seasonally peak at this time of year, but sales so far are running well behind the norm.
/jlne.ws/3QxfMAn
Telstra Appoints Eric Dalessio to Head Customer Service Delivery for the Americas; Veteran Industry Professional to Drive Customer Experience Transformation Through Digitization and Revamped Business Process Framework
Telstra
Telstra has named Eric Dalessio as Vice President, Customer Service Delivery, for the Americas, responsible for driving digital transformation and business growth across the region while playing a key role in redefining the Telstra customer experience. Dalessio takes on his new role at a time when customer expectations of a network service provider are higher than ever, in terms of response times, creative solutions and ongoing support. To meet and exceed these expectations, Dalessio and his team will work across the enterprise and wholesale business to identify new ways to onboard and use Telstra's digital tools, efficiently manage service and delivery teams, and work with customers as a true business partner for long-term growth.
/jlne.ws/3K09hDI
Genesis Announces New Leadership Team; Michael Moro to Step Down as CEO; Derar Islim Appointed Interim Chief Executive Officer; Financial Services Veteran Tom Conheeney Joins as Board Member and Will Consult as Senior Advisor; Newly-Appointed Chief Risk Officer, Chief Compliance Officer, and Chief Technology Officer Bolster Leadership Team
Genesis
Genesis today announced a series of leadership appointments to position the company for its next phase of growth. Effective today, Genesis CEO Michael Moro is stepping down and will continue to advise the company through the transition. Chief Operating Officer Derar Islim, Ph.D., who joined Genesis in 2020 and has overseen the development of strategy and key core functions, has been appointed interim Chief Executive Officer. Seasoned financial services executive Tom Conheeney will consult to Genesis as a Senior Advisor, where he will support Islim on the firm's overall strategy while advising the trading, lending, and risk teams. Conheeney will join Islim on the company's Board of Directors. Genesis has also commenced a search for a full-time CEO.
/jlne.ws/3PtS1YW
The reinvention of Goldman Sachs: what has David Solomon achieved? After almost four years in charge, the CEO's strategy to diversify the bank has not been as transformative as many had hoped
Joshua Franklin - Financial Times
Not long after becoming the chief executive of Goldman Sachs in 2018, David Solomon asked for a private plane. It was a controversial request. Goldman bankers traditionally eschewed ostentation, and when the chief executives used private aircraft they rented them from NetJets. Solomon reckoned that his lost time from flight delays cost the bank money and the Goldman team conducting a cost-benefit analysis ended up seeing things his way. The bank wound up ordering two Gulfstream jets. Solomon even had a hand in choosing the decor, says a person familiar with the matter.
/jlne.ws/3QIy3uA
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Hong Kong Securities And Futures Commission Commences MMT Proceedings Against Hedge Fund Manager Over Alleged False Trading
Mondovisione
The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Jonathan Dominic Iu Wai Ching, a responsible officer of Tarascon Capital Management (Hong Kong) Limited (Tarascon), for allegedly engaging in false trading in the shares of two Hong Kong-listed companies. At the material time, Iu, who was responsible for managing and making investment decision for a hedge fund, was also a director, the chief investment officer, and a substantial shareholder of Tarascon. The SFC alleges that Iu executed matched trades between the brokerage accounts of the hedge fund and of his mother between August and September 2014, which had the effect of creating a false or misleading appearance of active trading or of the price for dealings in the listed shares concerned.
/jlne.ws/3ppOfFa
ICE Launches 10 Carbon Credit Futures Vintages Extending Out to 2030
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced that it has launched 10 new Nature-Based Solutions Carbon Credit futures contracts, providing a carbon credit futures contract portfolio which allows market participants to buy, sell and hedge carbon credits from 2016 out to 2030. "The structure for the new carbon credit vintages was developed through extensive discussions with a wide community covering corporate buyers, developers, trading houses, and financials," said Gordon Bennett, Managing Director of Utility Markets at ICE. "We believe that the new carbon credit futures satisfy the key demands of the market. They allow single-vintages to be traded with the added liquidity benefits from having each futures contract deliver a fixed five-year vintage bucket, they provide a forward curve out to 2030, and customers can extend carry trades for multiple years while trading vintage spreads without the basis risk from the cost of carry."
/bit.ly/3C8dFih
Eurex expands FX Futures offering to Emerging Markets currencies; New Eurex FX Futures contracts cover Brazil, Mexico, South Africa;Cash settlement eliminates need for new settlement infrastructure in foreign currencies
Eurex
Eurex will start trading new FX Futures contracts covering Brazilian Real (BRL), Mexican Pesos (MXN) and South African Rand (ZAR) on 10 October 2022. The launch of the three most heavily traded currencies outside the G10 reinforces Eurex's position as Europe's leading FX liquidity hub. In total, five new contracts will be listed covering the following Emerging Markets currency pairs: BRL/USD, MXN/USD, MXN/EUR, ZAR/USD, ZAR/EUR. An accompanying liquidity scheme will ensure tight pricing and competitive liquidity. The new contracts will be cash settled in US dollars or euros upon expiry. Therefore, clearing members can use their existing infrastructure and will not be required to open new cash accounts in these Emerging Markets currencies.
/bit.ly/3Ar2gsr
FX Derivatives: Introduction of new cash-settled FX Futures on Emerging Markets currency pairs
Eurex
Introduction: The Management Board of Eurex Deutschland took the following decisions with effect from 10 October 2022: Introduction of five new cash-settled FX Futures on Emerging Markets currency pairs; Amendment of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland pursuant to Attachment 2.
/bit.ly/3wc7buO
Expansion of Listing Schedule of all Monday, Wednesday and Certain Friday Weekly Options on E-mini Standard & Poor's 500 Stock Price Index Futures Contracts
CME Group
Effective Sunday, September 11, 2022, for trade date Monday, September 12, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will expand the listing schedule for the Monday, Wednesday, and certain Friday Weekly Options on Emini Standard & Poor's 500 Stock Price Index Futures contracts (the "Contracts") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission of clearing via CME ClearPort, as more specifically described in the table below.
/bit.ly/3Qxwobc
Condensed Consolidated Financial Statements for the six months ended 30 June 2022 (Unaudited)
HKEX
As at 17 August 2022, the Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEX or the Company) comprises 12 Independent Non-executive Directors, namely Mrs Laura May-Lung CHA (Chairman), Mr Nicholas Charles ALLEN, Mr Apurv BAGRI, Mr CHEAH Cheng Hye, Ms CHEUNG Ming Ming, Anna, Mrs CHOW WOO Mo Fong, Susan, Mr Rafael GIL-TIENDA, Mr HUNG Pi Cheng, Benjamin, Ms LEUNG Nisa Bernice Wing-Yu, Mr LEUNG Pak Hon, Hugo, Mr YIU Kin Wah, Stephen and Mr ZHANG Yichen, and one Executive Director, Mr Alejandro Nicolas AGUZIN, who is also the Chief Executive of HKEX.
/bit.ly/3pm8eom
Presentation by HKEX Chief Executive Officer Nicolas Aguzin and Group Chief Financial Officer Vanessa Lau on 2022 Interim Results
HKEX
PDF and Webcast playback.
/bit.ly/3wazD08
Miami International Holdings and T3 Index Announce Launch of Convexity Shares ETFs Offering Exposure to SPIKES Volatility Index
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEXTM) and The Bermuda Stock Exchange (BSXTM) and T3 Index today jointly announced the launch of two new ConvexitySharesTM exchange traded funds (ETFs) developed to provide investors with access to a new product designed to manage volatility exposure.
/bit.ly/3A5SR8m
MIAX Options Exchange - Options Exchanges - Inadvertent message sent - All systems operating normally
MIAX
Technical Alert, Trading Alert, Regulatory Alert. Please be advised that the MIAX Options Exchange inadvertently sent a StartofTest message this morning at 5:28 AM after the normal StartofSystem message. Please ignore this message, all systems are operating normally. https://bit.ly/3OTE5YF
NSE Indices launches Nifty Midcap150 Momentum 50 Index
NSE
NSE's index services subsidiary, NSE Indices Limited today launched a new momentum factor based smart beta index - Nifty Midcap150 Momentum 50. The Nifty Midcap150 Momentum 50 index consists of 50 companies selected from its parent Nifty Midcap 150 index based on their Normalized Momentum Score. The Normalized Momentum Score for each company is determined based on its 6-month and 12-month price return, adjusted for volatility. Stock weights are based on a combination of the stock's Normalized Momentum Score and its free-float market capitalization. Stock weights are capped at the lower of 5% or 5 times the weight of the stock in the index based only on free float market capitalization.
/bit.ly/3w9YvVI
Shenzhen Stock Exchange Launches The First Portfolio Credit Protection Contracts
Mondovisione
Under the overall planning and guidance of CSRC, SZSE recently issued the Business Guide of Shenzhen Stock Exchange for Credit Protection Instruments (Revised in 2022). Shenzhen Securities Information Co., Ltd. (SSIC), as one of the first portfolio managers of the portfolio credit protection contracts ("CDX"), launched "CNI-SZSE CDX Portfolio for SZSE Major Issuers" and "CNI-SZSE CDX Portfolio for Major Issuers of Guangdong-Hong Kong-Macao Greater Bay Area", marking the official start of the pilot project of CDX business at SZSE.
/jlne.ws/3SUw08o
Shenzhen Stock Exchange Holds The Forum Of Sponsors Under The ChiNext Board Registration-Based IPO System
Mondovisione
SZSE recently organized and held the sponsors' forum. Centering on how to maintain the positioning of the ChiNext Board, improve the information disclosure quality of prospectuses, optimize the review process for issuance and listing on the ChiNext Board, ensure the quality of listed companies, etc., SZSE briefed the progress of relevant work, had in-depth communication with sponsors, and fully listened to their advice and suggestions. Personnels in charge of investment banking business from 17 sponsors attended the forum on the spot or via video link. They have given lots of constructive suggestions on how to incorporate the positioning of the ChiNext Board into review, further improve the ChiNext Board review quality and efficiency, and continue to promote the practice of seeking market participants' opinions on review work.
/jlne.ws/3PtmMNE
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Eileen K. Murray Appointed to Broadridge Board of Directors
Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, is pleased to announce the appointment of Eileen K. Murray as an independent member of its board of directors, effective September 1, 2022. Following Ms. Murray's appointment, Broadridge's expanded Board will consist of 12 members, 10 of whom are independent.
/jlne.ws/3K7CBZi
Abaxx Updates Q2 2022 Development Activities, Commences Exchange Launch Planning with Commodity Industry Partners
Bloomberg Business
Abaxx Technologies Inc., (NEO:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange (ACX), and producer of the SmarterMarkets™ Podcast, summarizes activities from Q2 2022, the progress of the Company's business plans and milestones for the remainder of 2022.
/jlne.ws/3A1Jgj4
SI activity spike further damaging European intraday liquidity, report finds; Activity on systematic internalisers (SIs) hit 27% in June, according to Liquidnet data, reaching levels not seen since April 2019.
Annabel Smith - The Trade
Intraday liquidity on the lit primary markets is continuing to dive as systematic internalisers (SI) have their best month since 2019, a report by Liquidnet has found. EMEA trading turnover reached record levels in H1 of this year, with daily lit volumes reaching surge levels of EUR75 billion and EUR82 billion in April and May respectively. This was followed by a sharp decline in June, halving to EUR42 billion.
/jlne.ws/3A0fPxS
OpenFin appoints TP ICAP alumnus as chief digital officer; New executive brings considerable experience to OpenFin, having previously served at TP ICAP, Liquidnet and Goldman Sachs.
Wesley Bray - The Trade
Operating system for enterprise productivity, OpenFin, has strengthened its executive leadership team with the appointment of Vicky Sanders as chief digital officer. As part of the role, Sanders will drive digital transformation across OpenFin's ecosystem of buy- and sell-side institutions as well as the global vendor community.
/jlne.ws/3AuEDzy
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| Cybersecurity | | Top stories for cybersecurity | Biden's three-headed cybersecurity team
Sam Sabin - Axios
The Biden administration has three key leaders for the country to turn to during a major cyberattack — but until last year, two out of the three positions they hold didn't exist.
Why it matters: The industry execs, former officials and lobbyists who talk regularly with this trio are still trying to distinguish who does what.
/jlne.ws/3bYfIe0
Honeywell Cybersecurity Research Reveals 52% Of Cyber Threats Targeted at Removable Media
Honeywell
According to a report released today by Honeywell (NASDAQ: HON), the threat of USB-borne malware continues to be a serious concern. Data from the 2022 Honeywell Industrial Cybersecurity USB Threat Report indicates that 52% of threats were specifically designed to utilize removable media, up from 32% the previous year and more than double the 19% reported in the 2020 study, clearly indicating that the threats designed to use removable media have reached a dangerously high level.
/jlne.ws/3QunxY4
Cybersecurity and Data Privacy Developments
Bond Schoeneck & King PLLC - JDSupra
The cybersecurity and data privacy legal landscape continues its rapid evolution. Below is an outline of some of the most significant developments in the last quarter.
Federal Legislation:
In June, a bipartisan federal privacy bill, the American Data Privacy and Protection Act (ADDPA), was released for consideration. The law follows the general framework of various state privacy laws, as well as the European Union's General Data Protection Regulation (GDPR). Notably, unlike state privacy laws, ADDPA is intended to apply to most entities, including nonprofits and common carriers. Large data holders that meet certain thresholds, as well as service providers who use data on behalf of other covered entities, would face different or additional requirements.
/jlne.ws/3QOpy10
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| Cryptocurrencies | | Top stories for cryptocurrencies | Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers Who Have Used Cryptocurrency
Department of Justice
On Aug. 15, 2022, a federal court in the Central District of California entered an order authorizing the IRS to serve a John Doe summons on SFOX, a cryptocurrency prime dealer headquartered in Los Angeles, California, seeking information about U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency between 2016 and 2021 with or through SFOX. "Taxpayers who transact with cryptocurrency should understand that income and gains from cryptocurrency transactions are taxable," said Deputy Assistant Attorney General David A. Hubbert of the Justice Department's Tax Division. "The information sought by the summons approved today will help to ensure that cryptocurrency owners are following the tax laws." "The John Doe summons remains a highly valuable enforcement tool that the U.S. government will use again and again to catch tax cheats and this is yet one more example of that," said IRS Commissioner Chuck Rettig. "I urge all taxpayers to come into compliance with their filing and reporting responsibilities and avoid compromising themselves in schemes that may ultimately go badly for them."
/jlne.ws/3dE1CPD
Bankrupt Crypto Lender Celsius Considers Financing Proposals; Firm has multiple offers to help fund restructuring process; More offers are expected, Kirkland & Ellis lawyer says
Jeremy Hill - Bloomberg
Celsius Network LLC has received multiple offers of fresh cash to help fund its restructuring process, a lawyer for the bankrupt crypto lender said Tuesday. The company is weighing financing packages of "various shapes and sizes," Joshua Sussberg of Kirkland & Ellis said on behalf of Celsius in a bankruptcy hearing Tuesday. Several more offers are expected, he said, without providing details about the existing proposals. Celsius needs to raise additional money if it hopes to restructure or sell its business and avoid a liquidation. The company forecasts about $66.4 million of liquidity for August and expects that balance to turn negative in October, according to court papers.
/jlne.ws/3R7a8VR
Crypto Rules Crackdown Looms for $150 Billion Stablecoin Market
Emily Nicolle - Bloomberg
As crypto's most traded tokens, stablecoins have ballooned in circulation under a relatively light-touch regulatory regime. That's about to change. Lawmakers in the US, the EU, the UK, Japan and others are considering rules that would overhaul the $150 billion sector. Several of these proposed restrictions are intended to bring issuers of the tokens -- which are cryptoassets designed to keep a one-to-one peg with a less volatile currency like the US dollar -- under the same financial regimes as payment providers. More specifically, regulators want a say over the types of assets that stablecoin providers can use to fill their coffers, and are expected to require more detailed disclosures and fully-backed reserves. The changes could hurt some stablecoins, but already, providers are starting to adapt.
/jlne.ws/3Asnjef
Kraken CEO Scorns 'Unconstitutional' US Shutdown of Tornado Cash; Exchange CEO says 'people have a right to financial privacy'; Powell declines to comment on possible US probe of Kraken
Olga Kharif and Matthew Miller - Bloomberg
US Treasury Department actions to shut the Tornado Cash crypto-mixing service may be "unconstitutional," according to Jesse Powell, chief executive officer of the digital-asset exchange Kraken. "People have a right to financial privacy," Powell said during an interview with Bloomberg TV on Tuesday. "We'll see if it survives a challenge" in court.
/jlne.ws/3ppn5hN
Caught Up in the DeFi Coding Whirlwind
Emily Nicolle - Bloomberg
The news that a suspected developer for cryptocurrency obfuscator service Tornado Cash was arrested in Amsterdam last week triggered outrage across the cryptosphere, with opponents to the arrest arguing that a single person cannot be held responsible for crimes carried out using their code. In reality, it's not the first time authorities have made a move like this. But because of how crypto has changed in recent years, it raises some potentially thorny issues. In case you missed the furor, the arrest came after popular crypto privacy tool Tornado was hit with sanctions by the US Treasury Department on Aug. 8 over its alleged facilitation of more than $7 billion in money laundering, including some $450 million by North Korean hackers. Tornado, which mixes your digital tokens with those of other people to obscure transaction histories that otherwise would be fully visible on the Ethereum blockchain, has become infamous for its use by criminals to hide their loot in several of this year's biggest crypto hacks. Its proponents say it's a crucial tool for achieving true financial privacy, a core objective of many crypto diehards.
/jlne.ws/3pqTgNI
Largest Bitcoin Miners Lost Over $1 Billion During Crypto Crash; Top three US publicly-traded miners hit by impairment charges; Companies turn to more debt, sales of machines for liquidity
David Pan - Bloomberg
The three-largest US publicly traded Bitcoin mining companies lost more than $1 billion in the second quarter after taking a series of impairment charges spurred by the collapse of cryptocurrency prices. Core Scientific Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. posted net losses of $862 million, $192 million and $366 million, respectively, in the three months ended June 30, recent quarterly earnings reports show. Other significant miners such as Bitfarms Ltd. and Greenidge Generation Holdings Inc., which reported results Monday, were also forced to write down the value of their holdings in the wake of the almost 60% drop in the price of Bitcoin during the quarter.
/jlne.ws/3AtQMES
Impaired Acquisitions Send Riot Blockchain To $366 Million Q2 Loss
Mitchell Martin - Forbes
Riot Blockchainshares (RIOT) slid 6% in Tuesday trading after the bitcoin miner reported Q2 earnings that were below analysts' forecasts, pummeled by reduced valuations of two 2021 acquisitions and of its cryptocurrency holdings. The company lost 14 cents a share on the adjusted basis used by Wall Street, according to Bloomberg, compared with analysts' consensus for a 4-cent profit. There was a net loss of $366.3 million after a gain of $19.3 million in the 2021 period. In spite of the struggles, sales were actually slightly higher than Wall Street expected, $72.9 million. Bitcoin production rose 107% to 1,395 in the quarter up from 675 in the comparable quarter last year. Mining revenue increased just 47%, to $46.2 million, reflecting lower bitcoin prices.
/jlne.ws/3QQyMcS
Crypto Regulation Isn't a 'Power Grab,' but Call For Industry Clarity: Fmr CFTC Commissioner
CoinDesk
Dawn Stump, former commissioner of the U.S. Commodity Futures Trading Commission (CFTC), discusses her take on the state of crypto regulation and calls from the industry seeking clarity on oversight. "What's happening is not necessarily a power grab," Stump said, "but almost a desperate call from the industry for clarity in what the regulatory expectations are."
/jlne.ws/3pstSHz
Coinbase to pause ethereum transactions during merge
Yahoo! Finance
Yahoo Finance Live anchors discuss Coinbase's decision to temporarily pause new ethereum deposits and withdrawals during its merge expected sometime in September.
/jlne.ws/3PCTufC
The Pursuit of Crypto Happiness: Wen Lambo? Lamborghini's have long been status symbols, but have become iconic within the crypto community.
Victoria Vergolina - Bloomberg
There's a scene in the 2006 film "The Pursuit of Happyness" where Actor Will Smith plays a single father, broke and homeless, looking for a fresh start. As he wanders around New York City's financial district, he comes across a stranger stepping out of a Red Ferrari.
/jlne.ws/3QGaOkG
Crypto.com Receives Registration as UK Cryptoasset Provider; Crypto exchange has already hired 100 employees in the country; CEO says it will spend on UK advertizing to gain market share
Emily Nicolle - Bloomberg
Crypto.com said it received approval from the UK's Financial Conduct Authority to be registered as a cryptoasset service provider in the country, a key step to expanding operations there.
/jlne.ws/3pofv6S
Crypto Nomads Move Back to Big Cities Like London, New York in Bear Market; Pandemic travel restrictions and crypto winter deter roaming; London and NYC still major financial hubs with opportunities
Tanzeel Akhtar and Anna Irrera - Bloomberg
Over the years, Oliver Gale's workplace view has included the palm-lined promenade of Miami Beach, the sandy shores of Barbados and the turquoise waters of Mexico's Caribbean coast. Now, the 36-year-old crypto entrepreneur is back in London, working out of hotel lobbies. Gone is the gentle sea breeze, replaced by the humming sounds of air conditioners trying to keep the British capital's unusually warm summer at bay.
/jlne.ws/3JYKXSI
Crypto vs. CBDC | Neha Narula, MIT | FTSE Russell Convenes | Season 2
FTSE Russell Convenes
Continuing her work at MIT Media Lab into both Central Bank Digital Currencies and Crypto Currencies, Neha Narula returns to FTSE Russell Convenes to give us an update on the progress being made in both. Tokenization, government control and urgency are the hot topics in this interview that really help reveal what's going on behind closed doors as we edge closer to the possible adoption of both.
/bit.ly/3QT0HsD
To Drop or Not to Drop: What to Know About Releasing NFTs in a Bear Market
Robert Bell - Grit Daily
Marketing teams that have been reading all of the "NFTs are Dead" articles in the news these days might be scrapping their previously-planned non-fungible token releases—some probably should, and some definitely should. Much more on that in a bit. But for the right play, releasing NFTs—even in the current crypto winter—can be a highly successful gamechanger. For those select plays, we'll look at a slew of best practices to ensure your project reaches its goals. 22 billion dollars was spent on NFTs last year, and despite current market volatility, that kind of traction is not going away anytime soon. For every big name brand that crashed and burned with a half-baked entry into Web3, there's an innovative startup out there prepared to reap the rewards from selling digital tokens and collectibles.
/jlne.ws/3bY7CCa
Could NFTs spark a photography revolution? Meet the innovators
Jessica Klingelfuss - Wallpaper
When the concept of NFTs first blitzed into the mainstream and cemented itself in everyday parlance, it seemed the medium's groundbreaking upsides - smart contracts built around artist royalties, or the ability to digitally authenticate works in perpetuity - became quickly overshadowed by the sheer volume of content. But now a new breed of fine art Web3 platform is raising the cultural cachet of NFTs (non-fungible tokens), elevating them beyond online marketplaces and framing them with a considered curatorial impetus.
/jlne.ws/3c2jjYE
Celebrities, including Justin Bieber accused of shilling NFTs
Ali Raza - Inside Bitcoins
Non-fungible tokens (NFTs) have become very popular among celebrities. Some big names from Snoop Dogg, Madonna, Justin Bieber, etc., have all shown interest in the crypto space. However, these celebrities have been called out for shilling NFTs and failing to advise their followers about the underlying risks. A report by a consumer watchdog group, Truth in Advertising, has called out 19 celebrities for promoting NFTs without disclosing their association with those assets. The group said that celebrities promoting NFTs on their social media platforms did so despite fully knowing those assets were risky. Some celebrities mentioned by the consumer group include Floyd Mayweather, Tom Brady, Snoop Dogg, Eminem, and several others. The group has sent letters to these celebrities urging them to disclose the benefits of endorsing NFT companies and brands.
/jlne.ws/3JYtSZc
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| Politics | | An overview of politics as it relates to the financial markets | What Would an Iran Deal Mean for Oil Markets?; Volumes in storage could be shipped fast if accord is reached; Work to revive fields and arrange contracts will take longer
Anthony Di Paola and Julian Lee - Bloomberg
A last-ditch attempt by Europe to revive the Iranian nuclear deal has stoked speculation that millions of barrels of oil are set to flood world markets. The return could be swift if Tehran's previous comeback is any guide. Should an agreement materialize, Iran could ramp up sales within months, raising supply by hundreds of thousands of barrels a day before the end of the year, according to the International Energy Agency. That would help relieve a tight global market, which has been roiled by Russia's invasion of Ukraine.
/jlne.ws/3K2QpE4
GOP govs who hate Biden's climate bill stand to benefit big from it; Republican states are likely to see major benefits from its investments in clean energy despite vociferous protests by their governors over the climate package.
Catherine Morehouse - Politico
The climate legislation President Joe Biden signed on Tuesday became law without the approval of a single Republican in Congress — but it's still poised to deliver major gains to the GOP-led states whose governors hate the bill. Renewable energy has helped add jobs, lower electricity costs and stave off blackouts in many red states like Texas, Nebraska and Oklahoma thanks to the Obama-era renewable energy policies that launched a wind and solar boom more than a decade ago. But that has not stopped Republican governors from attacking Biden's bill, even as their states stand to reap financial incentives for wind and solar and benefit from the legislation's new credits for carbon capture, clean hydrogen, advanced nuclear and energy storage. Take Oklahoma, for example. Gov. Kevin Stitt signed on to an Aug. 4 statement by 22 of the nation's 30 Republican governors deriding the bill as a "reckless tax and spending spree."
/jlne.ws/3SY4sPC
The truth that set Liz Cheney free; Her lonely stance against Donald Trump was seen as treachery by today's cult-like Republicans
Edward Luce - Financial Times
Whether it is Michael Dukakis in 1988 doing a photo-op up in a tank or John Kerry in 2004 dressed in goose-shooting camouflage, US democracy is rich with pandering moments. It is less generous with examples of politicians alienating voters on principle. When Liz Cheney, who was ejected from her Wyoming district on Tuesday night, opposed her party leadership in early 2021 she quoted at them from St John's gospel: "The truth shall set you free". Her fixation on bringing about Donald Trump's political demise — possibly in the form of a jail sentence — has turned Cheney into America's most celebrated electoral suicide.
/jlne.ws/3bVPSYk
Why We Don't Have a Carbon Tax
Paul Krugman - The New York Times
Three and a half years ago, an open letter that more than 3,600 economists eventually signed declared that "climate change is a serious problem calling for immediate national action." The signatories included 15 former chairs of the Council of Economic Advisers, more than half of whom served under Republican presidents — a display of bipartisanship that contrasts sharply with the lock-step opposition of Republicans in Congress to the national action we're finally taking in the form of the Inflation Reduction Act (which, despite its name, is mainly a climate bill) that President Biden is expected to sign today.
/jlne.ws/3K3W6C4
Britain launches dispute resolution with EU over post-Brexit research
Reuters
Britain has launched dispute resolution proceedings with the European Union to try to gain access to the bloc's scientific research programmes, including Horizon Europe, the government said on Tuesday, in the latest post-Brexit row. Under a trade agreement signed at the end of 2020, Britain negotiated access to a range of science and innovation programmes, including Horizon, a 95.5 billion euro ($97 billion) programme that offers grants and projects to researchers. But 18 months on, Britain says the EU has yet to finalise access to Horizon, Copernicus, the earth observation programme on climate change, Euratom, the nuclear research programme, and to services such as Space Surveillance and Tracking.
/jlne.ws/3w9QwIC
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| Regulation & Enforcement | | Stories about regulation and the law. | Hong Kong police arrest 4 suspects in crackdown on cryptocurrency fraud syndicate, which conned man out of HK$1.58 million; Victim transferred cryptocurrency to e-wallet account in exchange for what turned out to be fake banknotes; Police urge public to stay alert while meeting strangers to conduct transactions and use credible platforms
Clifford Lo - South China Morning Post
Hong Kong police have arrested four people in a crackdown on a fraud syndicate which coaxed a businessman into transferring about HK$1.58 million (US$200,000) in digital money in exchange for two bundles of fake banknotes in a bogus cryptocurrency transaction. The three men and one woman, picked up in a series of raids at daybreak on Tuesday, included the alleged swindler who met the victim in a Hung Hom office set up by the gang and lured him into transferring 200,000 Tether coins to an e-wallet account last month. According to the force, the 27-year-old merchant, surnamed Cheong, saw an advertisement on social media about the trade of Tether digital coins on July 1 before setting up a meeting with a "buyer" via WhatsApp.
/jlne.ws/3STGV29
Prosecutors Struggle to Catch Up to a Tidal Wave of Pandemic Fraud
David A. Fahrenthold - The New York Times
In the midst of the pandemic, the U.S. government gave unemployment benefits to the incarcerated, the imaginary and the dead. It sent money to "farms" that turned out to be front yards. It paid people who were on the government's "Do Not Pay List." It gave loans to 342 people who said their name was "N/A." As the virus shuttered businesses and forced people out of work, the federal government sent a flood of relief money into programs aimed at helping the newly unemployed and boosting the economy. That included $3.1 trillion that former President Donald Trump approved in 2020, followed by a $1.9 trillion package signed into law in 2021 by President Joe Biden.
/jlne.ws/3dE2Qud
U.S. SEC charges Eagle Bancorp for not disclosing loans to ex-CEO's family trusts
Ismail Shakil - Reuters
The U.S. Securities and Exchange Commission said on Tuesday that it charged Eagle Bancorp Inc and its former Chief Executive Officer Ronald Paul with failing to disclose related party loans extended by the bank to Paul's family trusts. The bank and the former CEO have agreed to settle the charges, the SEC said in a statement. Eagle, without admitting or denying the SEC's findings, agreed to pay a civil penalty of $10 million, disgorgement of $2.6 million, and interest. Paul agreed to pay a penalty of $300,000, disgorgement of $109,000, plus interest.
/jlne.ws/3pr0T72
Statement on PCAOB Amendments to Strengthen Auditing Standards for Audits Involving Multiple Firms
Gary Gensler - SEC
Today, the Commission approved the Public Company Accounting Oversight Board's (PCAOB) updated standards for audits that involve multiple auditing firms. I was pleased to support the amended standards because they will strengthen the requirements for lead auditors who supervise other auditors in an audit, helping to enhance audit quality and protect investors. Over the years, the growing complexity and international operations of public companies has led auditors increasingly to rely on other auditors — working across different firms, countries, and even languages — in completing an audit. Last year, for example, 26 percent of all issuer audit engagements used multiple auditors, and more than half of large accelerated filer audits used multiple auditors. Given the challenges that such multi-firm audits present, it is important that there be robust standards for how lead auditors supervise, communicate with, and coordinate with other auditors on the audit engagement.
/jlne.ws/3QGfHuB
FCA encourages market participants to continue transition of LIBOR-linked bonds
FCA
This statement is for issuers and bondholders of outstanding LIBOR-linked bonds. The FCA is strongly encouraging issuers and bondholders of outstanding LIBOR-linked bonds to consider this information and take the necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates.
/jlne.ws/3zUt4A0
CFTC Wins $7.49 Million Jury Verdict in Texas Broker Trading Case; Broker and Firm Found Liable for Secretly Trading Against Customers, Disclosing Confidential Order Information; Firm also Found Liable for Failing to Supervise Broker and Failing to Make and Keep Required Records
CFTC
The Commodity Futures Trading Commission today announced a jury in the Southern District of Texas issued a verdict finding Andrew Gizienski and EOX Holdings, LLC (EOX) liable for secretly taking the other side of their customers' orders without consent 65 times and disclosing their customers' confidential order information five times, in violation of CFTC regulations. The jury awarded $7 million in civil monetary penalties for these violations. The jury also found EOX liable for both failing to supervise Gizienski and to create and/or maintain required copies of seven pre-trade communications. The jury awarded $490,000 in civil monetary penalties for these violations.
/jlne.ws/3T022zN
Commissioner Johnson to Appear on CoinDesk TV's "First Mover"
CFTC
Commissioner Kristin N. Johnson will participate in an interview with CoinDesk TV "First Mover" host Michael Casey regarding her priorities as Commissioner, including the regulation of digital assets and cryptocurrencies as well as the promise of financial inclusion.
/jlne.ws/3Pp0wV7
SEC Charges Eagle Bancorp and Former CEO with Failing to Disclose Related Party Loans
SEC
The SEC's order against Eagle finds that, from March 2015 through April 2018, Eagle failed to include loans to Paul's family trusts totaling at times nearly $90 million in the related party loan balances included in its annual reports and proxy statements. The SEC's order also finds that Eagle improperly omitted tens of millions of dollars of loans to Eagle directors and their family members from these related party loan balances.
/jlne.ws/3Augs4g
SEC Charges Three Chicago-Area Residents with Insider Trading Around Equifax Data Breach Announcement
SEC
The Securities and Exchange Commission announced charges against three individuals for illegally tipping and trading in the securities of Equifax, Inc. in advance of the company's public announcement on September 7, 2017 that it had experienced a massive cyber intrusion and data breach.
/jlne.ws/3A2dT7Y
SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts; Securities and Exchange Commission v. Rahim Mohamed, Davies ("Dave") Wong, Glenn B. Laken, Richard C.S. Tang, Zoltan Nagy, Jeffrey D. Cox, Phillip G. Sewell, Breanne M. Wong, Christophe Merani, Anna Tang, Robert W. Seeley, Richard B. Smith, Christopher R. Smith, H.E. Capital SA, POP Holdings Ltd., Maximum Ventures Holdings LLC, Harmony Ridge Corp., and Avatele Group LLC, Defendants, and 9224-3708 Quebec, Inc., a/k/a Distributions Bano, and Jason Black, Relief Defendants, No. 1:22-cv-03252 (N.D. Ga. filed Aug. 15, 2022)
SEC
The Securities and Exchange Commission today charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.
/jlne.ws/3wyemhp
Commission v. Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, John Joseph Roets, No. 2:22-cv-01145 (W.D. Wa. filed August 16, 2022)
SEC
The Securities and Exchange Commission charged John Joseph Roets and three entities he controls, Dragonchain Inc. ("Dragonchain"), Dragonchain Foundation (the "Foundation"), and The Dragon Company ("TDC"), for their roles in raising $16.5 million in unregistered crypto asset securities offerings.
/jlne.ws/3QSTSav
SFC commences MMT proceedings against hedge fund manager over alleged false trading
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Jonathan Dominic Iu Wai Ching, a responsible officer of Tarascon Capital Management (Hong Kong) Limited (Tarascon), for allegedly engaging in false trading in the shares of two Hong Kong-listed companies (Note 1).
At the material time, Iu, who was responsible for managing and making investment decision for a hedge fund, was also a director, the chief investment officer, and a substantial shareholder of Tarascon (Note 2).
/jlne.ws/3PvB1RK
SFC issues restriction notice to a broker to freeze client account linked to suspected insider dealing
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) has issued a restriction notice to Bright Smart Securities International (H.K.) Limited (Bright Smart), prohibiting it from disposing of or dealing with certain assets held in a client account that holds proceeds of suspected insider dealing (Notes 1, 2 & 3).
Bright Smart has fully cooperated with the SFC and is not the subject of the SFC's investigation into suspected insider dealing. The restriction notice does not affect Bright Smart's operations or its other clients.
/jlne.ws/3QNHRTL
ASIC secures over $102 million in remediation for Freedom Insurance customers, with more to come
ASIC - Australian Securities and Investments Commission
ASIC has now secured over $102 million in remediation for around 83,600 customers who were, or may have been, mis-sold insurance policies over the phone by Freedom Insurance Pty Ltd (Freedom Insurance) between 2010 and 2018.
ASIC is encouraging Freedom Insurance customers from between 2010 and 2018 to come forward to see if they are eligible for a refund.
/jlne.ws/3JYI4S7
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Hong Kong's Wild Stock Swings Hit New York After IPO Clampdown; Smaller firms prefer New York as IPO venue for less scrutiny; Calls rise for US regulators to look into post-IPO swings
Kiuyan Wong and John Cheng - Bloomberg
The wild stock swings that Hong Kong regulators spent more than half a decade trying to stamp out are now popping up in New York. Post-listing spikes of thousands of percent in two little-known Hong Kong firms over the past weeks have baffled investors in the world's financial capital. In fact, seven of 10 tiny listings from China and Hong Kong have gone on a tear this year before sudden collapses, catching the eye of the top US regulator. Securities and Exchange Commission Chair Gary Gensler said last week that authorities are well-placed to look into wild gyrations.
/jlne.ws/3CbwQaV
America's $7 Trillion Retirement Crisis Is Only Getting Worse; Economic turmoil took a toll on savings in the first half of 2022 and that's just the tip of the iceberg as many in the US lack employer-sponsored plans.
Suzanne Woolley - Bloomberg
Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse. Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall. Then came a pandemic, war in Europe, decades-high inflation, the fastest rate-hiking cycle since the early 1980s and fears of a recession. The resulting market turmoil erased some $3.4 trillion from 401(k)s and IRAs in the first half of 2022, according to Alicia Munnell, director of Boston College's Center for Retirement Research.
/jlne.ws/3prWL6O
The SPAC King Goes Silent With His Empire Shriveling
Bailey Lipschultz - Bloomberg
The news came with little fanfare. It was late on a sleepy summer afternoon last week, and few on Wall Street even seemed to notice the pair of filings when they hit the SEC website. In terse, boilerplate language, the documents stated that two SPACs launched by Chamath Palihapitiya needed to push back the deadlines they had set to make acquisitions. Palihapitiya was in no mood to trumpet the news. There were no tweets, no interviews, none of the braggadocio that came with so many of his big SPAC deals, back when the market was the hot new thing in finance, a sure-fire, money-minting machine, and Palihapitiya was its undisputed king.
/jlne.ws/3AsfLZ3
xAMC's CEO Will Do Whatever It Takes to Keep His Company a Meme Forever; Adam Aron's antics have amped his movie chain's stock and his army of fans—so far. It only gets harder from here.
Felix Gillette and Eliza Ronalds-Hannon - Bloomberg
For most movie fans, their dream selfie with a Hollywood star never quite materializes. But on a Friday night in June, Bruce and Deborah Cooke spotted one of their favorite movie heroes, just feet away. They moved in and asked for a photo.
/jlne.ws/3pm8cge
'Shock the market': Wall Street's original 'Dr Doom' tells Fed to toughen up; Forecaster of 1982 bull market Henry Kaufman says US central bank has 'long way to go' on inflation
Gary Silverman - Financial Times
Forty years ago today, former Salomon Brothers economist Henry Kaufman helped start one of history's great bull markets. Known then as "Dr Doom" for his bearish views, he roused investors by changing his stance and forecasting a fall in interest rates after a punishing Federal Reserve campaign to tame inflation. Now 94, Kaufman remains focused on financial affairs and in a recent interview was sufficiently spry to hold forth at length on his book of last year, The Day the Markets Roared, which recounts his fateful rate call on August 17 1982. Asked how he was doing, he answered cheekily: "So far, so good."
/jlne.ws/3AtfUvq
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | China Unveils ESG Reporting Guidelines to Catch Peers; Voluntary reporting program with Chinese traits starts June 1; New platform offers hint of more stringent reporting to come
Sheryl Tian, Tong Lee - Bloomberg
A new set of voluntary guidelines for Chinese companies to report environmental, social and governance metrics take effect Wednesday, offering a glimpse of what mandatory disclosures might eventually look like in the country. Developed by China's biggest companies and government-backed think tanks, the standards list more than 100 metrics that generally align with the global benchmark of draft rules issued by the International Sustainability Standards Board. The differences are they're more simplistic and add "Chinese characteristics" that measure things like corporate charity.
/bloom.bg/3PzKCqS
Review of trends in ESG reporting requirements for investors; An overview of environmental, social and governance (ESG) reporting requirements for investors around the world and the trends driving the disclosures
Principles for Responsible Investment (PRI)
The PRI is assessing how best to ensure accountability on responsible investment practices globally. To support this work, we have carried out a review of the global ESG reporting landscape for investors and the major trends driving the reporting. The review covered a total of 120 ESG reporting instruments across five global reporting initiatives and nine key jurisdictions: Australia, Canada, China, the European Union, France, Hong Kong, Japan, the UK and the US. Our findings should help signatories understand the current ESG reporting requirements applying to their investments and investment processes in key markets. We also expect the findings will influence the future development and implementation of the PRI's reporting and assessment (R&A) framework.
/bit.ly/3zYQzJm
Every Dollar Spent on This Climate Technology Is a Waste
Charles Harvey and Kurt House - The New York Times
The technology called carbon capture and storage is aptly named. It is supposed to capture carbon dioxide emissions from industrial sources and pump them deep underground. It was a big winner in the climate provisions of the Inflation Reduction Act passed by Congress last week and signed into law by President Biden on Tuesday. What the technology, known as C.C.S., also does is allow for the continued production of oil and natural gas at a time when the world should be ending its dependence on fossil fuels. The Inflation Reduction Act does more to cut fossil fuel use and fight climate change than any previous legislation by expanding renewable energy, electric cars, heat pumps and more. But the law also contains a counterproductive waste of money, backed by the fossil fuel industry, to subsidize C.C.S.
/jlne.ws/3QMOWEe
Colorado River Basin reservoir levels drop to record lows amid drought; But the federal government is stopping short of forcing water cuts.
Stephanie Ebbs, Daniel Manzo, and Caleigh Bartash - ABC News
Federal government officials announced a more severe water shortage level in the Colorado River Basin Tuesday, saying it is essential that states like Arizona dramatically reduce water use before drinking water supplies or power production are affected. "The system is approaching a tipping point and, without action, we cannot protect the system and the millions of Americans who rely on this critical resource," Bureau of Reclamation Commissioner Camille Touton said in a briefing with reporters. Reservoirs in the Colorado Basin, Lake Mead and Lake Powell, are both at historically low levels after 23 years in drought conditions. Currently, Lake Powell is at 26% capacity, and Lake Mead is at 27% capacity. Combined storage of the two reservoirs is 28% of capacity. More than 70% of the western U.S. is experiencing extreme or severe drought conditions, amplified by climate change.
/jlne.ws/3Pupwdw
Why we need companies to report on their "digital ESG"
Yuhyun Park, Lutfey Siddiqi - London School of Economics
Rapid digitalisation is often described in techno-deterministic terms. Fantastical narratives around crypto, blockchain, Web3, metaverse, etc., can go unchallenged when they are woven into a breathless thread of inevitability. Some regulators may even unwittingly encourage this view. We have paid the price in the form of lost privacy, algorithmic data manipulation, gambling in crypto exchanges, cyber breaches blamed on users, and other consequences. Yuhyun Park and Lutfey Siddiqi write that it is time to require that businesses produce an environment, social, and governance report of their digital activities. Remember the Rio Earth summit of 1992? Or the millennium development goals of 2000? What made the 2015 UN Sustainable Development Goals (SDGs) and the Paris Climate agreement special is the explicit and prominent role accorded to the private sector. The extent and scale of changes required to deliver the global goals would necessitate the intentional involvement of private enterprise, private capital, and private-sector innovation.
/bit.ly/3QUseKB
Boston mayor seeks to ban fossil fuels in new buildings
Olafimihan oshin - The Hill
Boston Mayor Michelle Wu (D) wants to ban the use of fossil fuels in new buildings. Wu unveiled a plan on Tuesday that would allow Boston to take part in a pilot program in Massachusetts in which cities and towns will develop ordinances that restrict or prohibit new building construction or renovation projects from using fossil fuels. "Boston must lead by taking every possible step for climate action," Wu said in a statement. "We are eager to carry out the intent of this state legislation and maximize its benefit by including the Commonwealth's largest city—Boston's participation will help deliver healthy, energy efficient spaces that save our residents and businesses on utilities costs and create local green jobs that will fuel our economy for decades."
/jlne.ws/3A1HzlI
Water Companies Could Face Frosty Reception on UK Debt Markets; Public anger over leaks puts pressure on major utilities; Premiums expected to rise amid drought and political fallout
Priscila Azevedo Rocha - Bloomberg
Extreme hot weather has exposed flaws in England's water system -- and could make it harder for the country's unpopular, privatized utilities to borrow money on the public markets. UK water companies normally issue new bonds in the second half of the year, as firms return to debt markets after a summer slowdown. This year, however, investors are ready to demand higher yields, especially for providers lagging behind on their leakage targets.
/jlne.ws/3C9HbEn
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Five STOXX thematic indices to underlie iShares Future Tech Innovators ETF in Australia Qontigo
Five STOXX global thematic indices from Qontigo, a global provider of index, analytics and risk solutions, have been selected for the iShares Future Tech Innovators ETF (ITEK). The ETF, launched by BlackRock Australia, is composed of six underlying ETFs that invest in disruptive, technology-themed companies driving innovation and providing solutions to global challenges.
/jlne.ws/3wcDw4V
How Much Do Direct-Indexed Portfolios Really Veer From Their Benchmarks?
Lewis Braham - Barron's
Managing clients' performance expectations is one of a financial advisor's most important jobs. Accuracy and honesty about the potential risks and rewards are essential to help clients achieve their goals on time. To help, advisors can show clients the past returns and volatility of any mutual fund or ETF in their portfolios to illustrate how much clients could gain or lose in different market environments. But managing expectations gets trickier when a client has a unique portfolio in a direct-indexed strategy. Direct-indexed portfolios are privately managed accounts that seek to mimic a benchmark. But unlike funds, they can also be customized to suit an individual investor's particular goals, which can include maximizing after-tax returns, diversifying a high-net-worth investor's portfolio, and executing a specialized environmental, social, and governance strategy.
/jlne.ws/3K1a4o6
Citi Sues Revlon Over Lender Status After $900 Million Mistake
Jeremy Hill - Bloomberg
Citigroup Inc. has sued Revlon Inc. in a bid to resolve a nagging legal question that emerged after the bank mistakenly wired $900 million to the cosmetics giant's lenders and intensified after Revlon filed for bankruptcy. When Citi accidentally sent $900 million to Revlon lenders in August 2020 and later failed to get most of it back, the bank said it became a lender to Revlon, effectively stepping into the shoes of funds who refused to return about $500 million of the mistaken payment. But Revlon has since hinted that it may challenge Citi's status as a creditor, prompting Citi to file suit in bankruptcy court Friday.
/jlne.ws/3QxrU4t
Credit Suisse Faces Fresh China Setback After Executive Exodus
Cathy Chan - Bloomberg
Credit Suisse Group AG is facing a further delay in getting approvals for some of its China operations after a flurry of senior management departures, according to people familiar with the matter. The Swiss bank lost nearly half of the senior personnel management at its China securities ventures in recent months, including Chief Financial Officer Annie Qiu, compliance head Xu Yang, and Chief Information Officer Larry Tung, the people said, asking not to be identified discussing a private matter. As a consequence of the departures, the China Securities Regulatory Commission told the lender it will postpone any on-site inspection until those positions are filled, one of the people said. The inspection is the final step needed before Credit Suisse is allowed to start building out its wealth management business onshore and expand its equities trading services beyond Shenzhen into other cities.
/jlne.ws/3QxrCKV
BlackRock pivots towards bonds as equity outlook falters; The world's biggest asset manager goes long on credit, warning that equity markets may not be ready for a prolonged downturn.
Laurie McAughtry - The Trade
BlackRock came down hard on the side of credit this week, citing improved valuations, strong balance sheets, low supply and moderate refinancing risks. "We prefer investment grade (IG) credit over equities on a tactical horizon as we see a new market regime with higher volatility taking shape," said the firm in a research note. "We believe IG credit can weather a significant growth slowdown whereas equities don't look priced for this risk."
/jlne.ws/3wadX4y
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Every Dollar Spent on This Climate Technology Is a Waste
Charles Harvey and Kurt House - The New York Times
The technology called carbon capture and storage is aptly named. It is supposed to capture carbon dioxide emissions from industrial sources and pump them deep underground. It was a big winner in the climate provisions of the Inflation Reduction Act passed by Congress last week and signed into law by President Biden on Tuesday. What the technology, known as C.C.S., also does is allow for the continued production of oil and natural gas at a time when the world should be ending its dependence on fossil fuels. The Inflation Reduction Act does more to cut fossil fuel use and fight climate change than any previous legislation by expanding renewable energy, electric cars, heat pumps and more. But the law also contains a counterproductive waste of money, backed by the fossil fuel industry, to subsidize C.C.S.
/jlne.ws/3QMOWEe
Can Xi's China Correct Course on Covid — Like Vietnam?; Saigon's economy came back to life while lockdown threats still stalk Xi's.
Shuli Ren - Bloomberg
The world's two largest Communist countries have a lot in common. Just over a year ago, Vietnam's party leaders gave General Secretary Nguyen Phu Trong an unprecedented third five-year term as the top leader, crediting him with successfully containing the Covid-19 pandemic. China's President Xi Jinping is poised to win a third term as well later this year. Both countries waived politicians' age limits for their supreme leaders. Keen to retain the legitimacy of one-party rule, Trong and Xi are also both anti-corruption crusaders. In China, the scope is so wide and the punishments so severe that any bureaucrat in charge of a bank, brokerage, or insurance unit could reasonably worry about possible jail time for potential missteps.
/jlne.ws/3ApIgXo
Marshall Islands, Once Nearly COVID-Free, Confronts an Outbreak
Daniel Victor - The New York Times
As a remote nation in the Pacific, the Marshall Islands had been almost completely spared from COVID-19, registering just a handful of cases throughout the pandemic, with no community transmission detected. But in just over a week, more than 4,000 people have tested positive in a population of about 60,000, including the country's secretary of health and human services, Jack Niedenthal. He has been providing updates on Facebook and said 75% of those tested in Majuro, the capital, had COVID-19, "an incredibly high positivity rate." In an interview Tuesday, Niedenthal said there was some panic and concern, given that the islands, about halfway between Hawaii and the Philippines, had not recorded a single COVID-19 case last year.
/jlne.ws/3QKwoV4
Jill Biden tests positive for COVID-19
Dylan Stableford - Yahoo! News
First lady Jill Biden has tested positive for COVID-19, her spokeswoman said on Tuesday. "After testing negative for COVID-19 on Monday during her regular testing cadence, the first lady began to develop cold-like symptoms late in the evening," Elizabeth Alexander, Jill Biden's communications director, said in a statement. "She tested negative again on a rapid antigen test, but a PCR test came back positive." The 71-year-old first lady, who is double vaccinated and twice boosted, is experiencing mild symptoms, Alexander said.
/jlne.ws/3JYvxOq
Colleges ease COVID-19 restrictions as fall semester begins for millions of students
Elissa Nadworny - NPR
Millions of students are heading back to college for their third full academic year since the COVID pandemic hit. But as students move into their dorms and sign up for classes this year, things are different. On many campuses, the masking restrictions are gone. Classes are being held in-person, testing requirements are loosening, and quarantine and isolation dorms have been returned to regular housing. College officials say the goal of easing these restrictions is to try and get students back to a more typical college experience. "I don't think we can just forget about COVID at all," says Lisa Pearlman, the director of student health services at Worcester Polytechnic Institute (WPI) in Massachusetts.
/jlne.ws/3JY9mbb
Monkeypox Vaccine Maker No Longer Certain It Can Meet Demand; Bavaria Nordic could seek production partners as cases rise; Danish firm is the only producer of an approved shot for virus
Christian Wienberg - Bloomberg
Bavarian Nordic A/S, the only company with an approved vaccine for monkeypox, said it's no longer certain it can meet demand as cases continue to rise across the world. The Danish company is now exploring the possibility of outsourcing some of the production, including technology transfer to a US contract manufacturer, to meet accelerating demand.
/jlne.ws/3K0wndy
Covid restrictions stymie tourism revival in Japan and much of Asia; Visitors shun Tokyo and Seoul even as travel industry rebounds elsewhere in region
Primrose Riordan and Andy Lin, Kana Inagaki and Christian Davies - Financial Times
Only a trickle of tourists are visiting Japan two months after the government announced it would reopen borders that had been largely shut to foreign travellers for two years under coronavirus pandemic restrictions.
/jlne.ws/3K07UoB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Blackstone-Backed PAG Weighs Delaying $2 Billion Hong Kong IPO, Sources Say; Asian buyout firm keen to avoid volatility, investor discounts; PAG IPO more likely next year; filed for listing in March
Manuel Baigorri and Cathy Chan - Bloomberg
PAG, an Asia-focused private equity firm backed by industry giant Blackstone Inc., is considering a delay of its planned initial public offering in Hong Kong amid market volatility, according to people familiar with the matter. The firm, led by Chinese dealmaker Weijian Shan, is now more likely to make its debut in 2023, the people said, asking not to be identified because the matter is private. PAG is keen to avoid the sale taking place against a backdrop of stock market volatility, potentially leading to investors demanding steep discounts and seeing weak trading in the first days after listing, the people said.
/jlne.ws/3A58QDC
From the Rhine to the Tigris, Rivers Are Warnings; To observe climate change in action, don't just look at fires, floods and heat waves. Also dip a toe into the streams.
Andreas Kluth - Bloomberg
You can't step into the same river twice, the philosopher Heraclitus said in a different context. If he were alive in the era of anthropogenic climate change, he might add that you may no longer even have that river to step into. And even if you do, you might not want to, because its fluids could scorch the skin off your feet. Just look at Germany this summer. Two of its most symbolic and iconic rivers — the Oder in the east and the Rhine in the west — are crying out in distress.
/jlne.ws/3waJAuE
Sweden Turns to Burning Oil as Power Prices Soar to Record; Karlshamn station has been running regularly in past week; Combating global warming takes a backseat during energy crisis
Lars Paulsson and Alex Longley - Bloomberg
Sweden is relying on an old oil-fired power plant to keep the lights on in the south as a dearth of wind generation and nuclear outages sends prices to a record. The Karlshamn station, which burns heavy fuel oil and dates back to the early 1970s, has been running fairly regularly for about a week, according to operator Uniper SE. Power prices in the southern part of a country are at an all-time high for Wednesday, soaring as much as 51% in an auction on Nord Pool ASA. It's the latest evidence of how combating global warming has taken a backseat as Europe faces a historic energy crisis. Burning oil is a reliable source of generating power -- but among the most polluting methods -- and adds to the rising use of coal needed to meet demand in the region.
/jlne.ws/3bYWSnb
German Gas to Last Less Than 3 Months If Russia Cuts Supply; Stocks are rising fast, but still not enough, regulator says; Risks of energy rationing during the winter are still high
ByVanessa Dezem, Karin Matussek, and Josefine Fokuhl - Bloomberg
Germany will struggle to have enough natural gas to get through the coming winter, even if reserves are replenished in line with government targets. Refilling gas inventories to 95% full by November would only cover about 2-1/2 months of heating, industrial and power demand if Russia cuts off supplies completely, according to Klaus Mueller, president of the Federal Network Agency, the country's energy regulator. Stockpiles are currently 77% full, which is two weeks ahead of schedule.
/jlne.ws/3A2xjtl
Norway's Wealth Fund Posts Biggest Half-Year Loss on Record; Loss of 14.4% was driven by slump in technology stocks
Strong relative returns aren't likely to continue, fund says
Stephen Treloar - Bloomberg
Norway's $1.3 trillion sovereign wealth fund posted its biggest loss on record as rate hikes, surging inflation and Russia's invasion of Ukraine spurred volatility. The Oslo-based fund, the world's biggest, lost 14.4% in the six months through June. The loss of $174 billion was the fund's biggest ever in currency terms for a half year, it said on Wednesday.
/jlne.ws/3zZ9T8h
Brazil's Largest Investment Bank, BTG Pactual, Launches Crypto Trading Platform
Paulo Alves - CoinDesk
Brazil's largest investment bank, BTG Pactual, has launched a crypto trading platform. Available since Monday, the platform, called Mynt, allows users to trade BTC, ETH, SOL, DOT and ADA with a minimum investment of 100 Brazilian reals, equivalent to $19.42. "Cryptocurrencies are a new technology with great potential for transformation, bringing with it risks and opportunities. Entering the cryptocurrency universe is another important step in meeting a demand from our clients and filling a gap in the market," André Portilho, head of digital assets at BTG Pactual, said in a statement.
/jlne.ws/3CciZkB
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| Miscellaneous | | Stories that don't quite fit under the other sections | Saudi-Backed LIV Golf Would Be Banned From N.J. Under State Senate Bill; Professional circuit drew outrage at Trump's Bedminister club; Sovereign wealth fund trying to clean up image, lawmaker says
Elise Young - Bloomberg
LIV Golf, the new mega-purse professional circuit backed by Saudi Arabia's Public Investment Fund, would be banned from New Jersey clubs under a bill introduced by two Democratic state lawmakers. The legislation, sponsored by Senators Andrew Zwicker and Richard Codey, would prohibit contests by all sports organizations "operated primarily through use of monies received from sovereign wealth funds," according to a news release. A LIV tournament at Donald Trump's Bedminster golf club on July 29-31 drew protests from survivors and families of 9/11 victims who condemned the event. The winner, Henrik Stenson, was paid $4 million.
/jlne.ws/3SWnENx
Billionaire Larry Ellison Lists $145 Million Estate in North Palm Beach; The Oracle Corp. co-founder paid $80 million for the beachfront property in April 2021.
Claire Ballentine - Bloomberg
Larry Ellison is selling an estate in North Palm Beach, Florida, for almost double the price he paid for it last year. The billionaire co-founder of Oracle Corp. first purchased the 8.5-acre (3.4-hectare) property in April 2021 for $80 million. He's now listing it for $145 million. Ellison, who bought the majority of the Hawaiian island of Lanai a decade ago, recently snapped up a different oceanfront estate in Palm Beach County — south of Palm Beach in Manalapan — for $173 million, breaking the record for the most expensive residential sale in Florida.
/jlne.ws/3Qu3DfO
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