| August 22, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The MRI results are in, the consultation with the orthopedic specialist completed and the September 1 total hip replacement of my left hip is scheduled for Elmhurst Hospital. This will give me a matching set of titanium hips to go with my matching set of titanium knees and titanium right shoulder. The joke about me being the six million dollar man might have to be adjusted upwards.
September 1 is the Thursday before the Labor Day weekend, so I will likely be home by Saturday and have the weekend to recover. I should only miss Thursday and Friday from editing JLN if all goes well. The recovery is normally a week with a walker, a week with a cane and driving within two weeks. The total recovery is six weeks for all the precautions I have to take.
Luckily, the JLN team will fill in nicely for me while I am away and hopefully provide an update on Friday on my status.
Gary Gensler wrote an opinion piece he slipped in to The Wall Street Journal on Friday titled "The SEC Treats Crypto Like the Rest of the Capital Markets; Securities laws that protect investors continue to apply even when new technologies come along."
The editorial board of The Wall Street Journal replied with an editorial titled "The Gensler Bid to Control Trading; Two new proposals would reduce market liquidity with little benefit to investors."
Eric Noll has been elected as FINRA's next chair by the FINRA board of governors. Noll is the CEO of Context Capital Partners and the former president and CEO of Convergex. I met him when he was an executive vice president at Nasdaq.
In this week's Inside the Icehouse podcast, the title is "ICE's Gordon Bennett & Brian Matt: Experts on the Leading Edge of Sustainable Finance." Bennett and Matt "unpack what it means to place a value on carbon, as well as on nature, and how this can help mitigate climate risk."
If you missed the story in Intelligencer from New York Magazine titled "The Crypto Geniuses Who Vaporized a Trillion Dollars; Everyone trusted the two guys at Three Arrows Capital. They knew what they were doing — right?," don't. It is worth reading.
In the Take5 podcast series from DTCC, you can listen to DTCC's Matthew Bergerman share his perspective on the uptick in retail investor activity in the U.S. equity markets.
Crypto.com announced it is the first global crypto platform to sign an undertaking with Canada's Ontario Securities Commission.
Former Dubai Gold & Commodities Exchange Chief Executive Officer Gaurang Desai is starting a new part-time position as chairman at D2A2, a not-for-profit industry body born in Dubai and made for the world of Digital Asset Ecosystem.
FOW reported last week that Steve Hamilton, ICE's head of financial derivatives, is leaving next month.
Cboe Global Markets is looking for a marketing manager for the marketing/communications department. The position can work remotely. Details are HERE.
Trading Technologies is looking for a junior sales analyst in Geneva, Switzerland. Details are HERE.
Bakkt is looking for a senior leader communications and marketing team in New York in a hybrid position.
Alexandra Lavoie is starting a new position as a human resources business partner at TMX Group
Vinny Mattera, director at BMO Capital Markets, is looking for an ambitious person to join their futures clearing team. He is looking for people with expertise in the clearing activity on the Montreal Exchange.
At the Securities and Exchange Commission, the Office of Clearance & Settlement within the Division of Examinations is looking to fill a position for a securities compliance examiner, located in New York, NY. Details are HERE.
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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MWE SHORT: Paul McCormick - Finding your First/Next Financial Job
JohnLothianNews.com
"There is a mismatch between the way companies like to hire people and the way graduates and young professionals like to get hired."
Paul McCormick has represented a half dozen of the biggest names in the banking world in his 30 years as a fixed income trader. Now he works as a graduate recruiter for Thomson Reuters, and also writes a blog, Opening City Doors, that helps graduates and young professionals find a place in the London financial scene.
Watch the video »
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'There's no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology': SEC chief Gary Gensler
Clive McKeef - MarketWatch
'We can dispense with the idea that crypto lending isn't subject to regulation. On the contrary, the rules have been around for decades. The platforms aren't following them.'
— Gary Gensler, Securities and Exchange Commission
What do car manufacturers have to do with crypto lending platforms? Consumers and investors deserve protection — that's true of motor vehicles and investment vehicles alike, U.S. Securities and Exchange chair Gary Gensler argues in a Wall Street Journal op-ed published Friday night.
/jlne.ws/3PExGjx
****** I am disappointed there is no Gary Gensler video on this opinion piece. ~JJL
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Deep-Sea Mining Is Close to Reality Despite Environmental Concerns; The ocean floor contains a trove of metals that can be used in making batteries for electric vehicles
Yusuf Khan - The Wall Street Journal
Companies could start mining the ocean floor for metals used to make electric-vehicle batteries within the next year, a development that could occur despite broad concerns about the environmental impact of deep-sea mining. The International Seabed Authority, a United Nations observer organization that regulates deep-sea mining in international waters, is drawing up a final regulatory framework for deep-sea mining that all 168 members would need to agree to within the next 12 months. The U.S. isn't a member of the ISA. With or without the finalized rules, the ISA will permit seabed mining by July 2023, according to people familiar with the matter.
/jlne.ws/3dK81IX
****** Think about all the minerals that are below the ocean floor. The metals. Is there a rare ocean mineral?~JJL
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Spam Texts Are Surging. Here's How to Avoid Being Swindled; Scam robotext messages have exploded, but you can protect yourself by not clicking links, never texting back and turning on your phone's unknown-message filter
Nicole Nguyen - The Wall Street Journal
Yes, you're getting fewer scam robocalls—they are on the decline. But we are now being bombarded by spammy text messages. If you recently got an unexpected text about a gift, an account freeze or even just someone unknown saying "hi," it's probably from a fraudster. The Federal Communications Commission issued an advisory last month about an uptick in consumer complaints about suspicious texts.
/jlne.ws/3Ab1PRL
****** We need more SPAM/SCAM humor. Where is Hollywood when you need them?~JJL
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San Francisco Bets on Swanky Sho Club to Lure Workers Back to Office; Memberships are secured via an NFT and top out at $300,000.
Martine Paris - Bloomberg
San Francisco Mayor London Breed is serious about bringing downtown back to its pre-pandemic glory. The city has been reeling from a mass exodus of workers who haven't returned to the office—and might never.
/jlne.ws/3PHhdLF
****** They had me at swanky.~JJL
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Friday's Top Three
There was a tie between two stories for our most clicked story Friday. One was 'No evidence that PFOF harms price execution,' finds new research, from The Trade. ("However, new research indicates that the current disclosure regime is insufficient and provides limited information regarding the quality of price execution across brokers - largely due to the difficulty in comparing the actual retail price execution quality of different brokers.") The other was Apple security flaw 'actively exploited' by hackers to fully control devices, from The Guardian. Second was The New World Energy Order: A Battle Of Attrition, from Forbes. And third was Smoking and drinking alcohol cause almost half of all cancer deaths, study finds, from the Independent.
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MarketsWiki Stats
26,984 pages; 240,367 edits
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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
Editor-in-Chief
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| Lead Stories | The SEC Treats Crypto Like the Rest of the Capital Markets; Securities laws that protect investors continue to apply even when new technologies come along.
Gary Gensler - Via The Wall Street Journal
What do car manufacturers have to do with crypto lending platforms? Consumers and investors deserve protection—that's true of motor vehicles and investment vehicles alike. In September 1966, President Lyndon B. Johnson signed the National Traffic and Motor Vehicle Safety Act. Nearly six decades later, seat belts and other basic safety features remain standard. That's true despite many innovations in automotive technology. Whether a car runs on gasoline or electricity, drivers and passengers deserve to be protected.
/jlne.ws/3PzFvqM
The Gensler Bid to Control Trading; Two new proposals would reduce market liquidity with little benefit to investors.
The Editorial Board - The Wall Street Journal
Trillions of dollars have fled securities markets this year, yet regulators are rushing to impose new rules on markets for no good reason. Two new proposals would broaden the Securities and Exchange Commission's reach over large traders, reducing market liquidity with little benefit beyond handing more power to SEC Chairman Gary Gensler.
/jlne.ws/3QIzN78
Norway's oil fund warns cyber security is top concern; Hacking eclipses turbulent markets as Norges' biggest worry with three 'serious' attempts a day
Adrienne Klasa and Robin Wigglesworth - Financial Times
Cyber security has eclipsed tumultuous financial markets as the biggest concern for the world's largest sovereign wealth fund, as it faces an average of three "serious" cyber attacks each day. The number of significant hacking attempts against Norway's $1.2tn oil fund, Norges Bank Investment Management, has doubled in the past two to three years, according to its chief executive Nicolai Tangen.
/jlne.ws/3dHtMJr
Global scope of EU's greenwashing crackdown spooks Wall Street; Bankers complain about extraterritorial extent of the new directive on sustainability reporting
Laura Noonan - Financial Times
Global warming is, by definition, a global problem. But the worldwide scope of the EU's latest climate change effort — designed to end the practice of describing things as greener than they really are — is provoking alarm on Wall Street. The Corporate Sustainability Reporting Directive, agreed in principle with little fanfare earlier this summer and due to come into force from next June, compels all "large" companies that operate in the EU or have listed securities in the bloc to produce extensive new reports on the effects of their business, and of their parent companies, on the environment.
/jlne.ws/3T8w8kD
FCA hit by rising vacancies and falling morale; Treasury select committee to raise issues with financial regulator after data obtained by the FT cast fresh light on internal struggles
Laura Noonan - Financial Times
MPs are set to quiz senior managers at the Financial Conduct Authority on rising vacancy rates and plummeting morale after internal documents cast fresh light on the uphill battle to transform the UK's most powerful financial regulator. Around 14 per cent of the FCA's 4,200 posts were unfilled by the middle of last month, a higher vacancy rate than at the end of last year, despite a major recruitment drive and a string of senior hires in recent months, according to documents obtained by the Financial Times under the Freedom of Information Act.
/jlne.ws/3dBFLIm
As Crypto Slumps, Goldman Sachs Aims for a Wall Street Built on Blockchain
Goldman, JPMorgan are already processing some trades using the technology behind cryptocurrency markets
Paul Vigna - The Wall Street Journal
Wall Street's biggest banks have largely avoided investing directly in cryptocurrencies. But many are quietly working to integrate blockchain, the technology behind crypto, into trading and other businesses. Goldman Sachs Group Inc. is already trading some bonds and other debt securities for clients on blockchain-based networks such as Ethereum, and the bank is building its own blockchain-based trading platform. JPMorgan Chase & Co. already has a platform in place, called Onyx.
/jlne.ws/3TafsJR
Banks Nearing $1 Billion Settlement Over Traders' Use of Banned Messaging Apps; Federal regulators intend to levy the fines over alleged breach of rules that require retention of business records
Dave Michaels - The Wall Street Journal
Many of Wall Street's biggest banks are nearing agreements to pay as much as $200 million each and admit that their employees' use of personal messaging apps such as WhatsApp violated regulatory requirements, according to people familiar with the matter. The total amount of fines will likely top $1 billion, the people said, and will be announced by the end of September. The roster of banks poised to pay $200 million each includes Bank of America Corp., Barclays PLC, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc., and Morgan Stanley and UBS Group AG, the people said. Jefferies Financial Group Inc. and Nomura Holdings Inc are nearing settlements with regulators but will pay lower fines, reflecting their smaller size, the people said.
/jlne.ws/3KahiWO
Asset managers have a self-interest in crypto's future; Established institutions can provide a layer of security to a largely unregulated market
The editorial board - The Financial Times
While cryptocurrencies were falling, established asset managers such as Abrdn, Charles Schwab and BlackRock were hard at work looking to secure a foothold in the market. Not by investing directly in volatile cryptocurrencies, mind. Abrdn, the UK investment group, recently bought a stake in digital assets exchange Archax. BlackRock is opening direct access for clients to crypto exchange Coinbase. Schwab has launched a crypto-linked exchange traded fund.
/jlne.ws/3CjFELR
About that deposit insurance . . . FTX execs didn't mean to overpromise
Alexandra Scaggs - Financial Times
About a month ago, FTX president Brett Harrison decided to send a tweet. There were many problems with this idea, but the most consequential one was that he discussed US federal deposit insurance in a way that — regardless of the intention — added up to a sleight-of-hand giving investors a false impression of safety.
/jlne.ws/3pBHU9Q
How a 20-year-old student made $110mn riding the meme stock wave; Jake Freeman raised $27mn through Wyoming-based fund and bet it all on shares of Bed Bath & Beyond
Antoine Gara and Madison Darbyshire - Financial Times
At the age of 18, Jake Freeman ran for US president, collecting signatures, forming a campaign committee and registering his bid with the Federal Election Commission. "He wanted to be the youngest on the ballot," said Eray Sabuncu, a friend who attended the same suburban New Jersey high school and signed the 2020 election filing in the capacity of treasurer. "I didn't know then that he was going to be famous."
/jlne.ws/3wpshpJ
BlackRock Warns SEC's Plans on ESG Disclosures Will Backfire; 'ESG Integration' label poses greenwashing risks, firm says; Money manager, trade groups want SEC to nix it from May plan
Silla Brush and Lydia Beyoud - Bloomberg
BlackRock Inc. is warning US regulators that new rules to fight greenwashing by fund managers could sow more confusion and make investors think their holdings are more socially conscious than they really are. The firm is pushing back on a key detail in a proposal to require managers to say more about how environmental, social and governance issues fit into strategies for funds that also consider myriad other factors. The result, BlackRock said in a letter this week to the US Securities and Exchange Commission, could mislead investors about how much ESG really matters when managers pick stocks and bonds.
/jlne.ws/3AAq79k
Credit Suisse Investment Bankers Are Bracing for Brutal Cutbacks
Marion Halftermeyer, Myriam Balezou and Dinesh Nair - Bloomberg
As someone who's driven in the Beijing to Paris rally in a vintage Porsche, Ulrich Koerner knows all about staying the course. But the new boss of Credit Suisse Group AG seems to have had enough of the Swiss giant's investment bank.
/jlne.ws/3Ad1a2q
Credit Suisse appoints new finance chief in management shake-up
Stephen Morris and Oliver Telling - Financial Times
Credit Suisse has appointed two new executive board members as recently installed chief executive Ulrich Körner starts his overhaul of the scandal-hit Swiss lender. Dixit Joshi, treasurer at Deutsche Bank, has been recruited as chief financial officer to replace David Mathers in October, who had previously announced he was stepping down following more than 11 years in the role. Francesca McDonagh, chief executive of Bank of Ireland, will be appointed chief operating officer when she joins next month to oversee a "operational and cost transformation", the Swiss bank said on Monday.
/jlne.ws/3ClBWBo
Fintech CFOs Seek Reliable Funding as Investors Pull Back, Demand Higher Yields; Lenders are searching for long-term investors and funding more loans with deposits
Kristin Broughton - The Wall Street Journal
Fintech lenders are bolstering their funding options, seeking sources of capital that are sustainable through an extended downturn. Financial technology firms—many of them set up in a low-interest-rate environment—in recent years found willing buyers for their loans, as financial institutions looked for investment opportunities.
/jlne.ws/3ADkvLz
Bank Behind Fintech's Rise Reels in Billions in Pandemic's Wake; Handling Covid loans to businesses gave Cross River big boost; Some of the loans show worrying signs as firm plans expansion
Max Reyes - Bloomberg
One of the fastest growing banks in the US is on a mission to rewire the industry. It has also touched some nerves. Cross River Bank began turning heads across the financial realm soon after Congress started unleashing $800 billion in emergency loans to help small businesses survive the pandemic. The little-known 14-year-old suburban New Jersey firm was soon arranging aid faster than almost every other bank.
/jlne.ws/3RiHe5d
Meme stocks are back. Here's why wild trading may be here to stay.; Turbulent trading in shares of companies like AMC Entertainment and Bed Bath & Beyond can no longer be explained as simply a pandemic phenomenon, experts say.
Joe Rennison and Stephen Gandel - The New York Times
Once thought to be a short-lived phenomenon, it appears the wild trading in so-called meme stocks is here to stay. Last year, GameStop and AMC Entertainment were the poster children for the meme-stock frenzy. This month, Bed Bath & Beyond, whose surging stock price was swiftly followed by a sharp decline, is in the limelight. The retailer's stock rocketed nearly 360 percent from the start of August through Wednesday, before cutting those gains in half by the end of this week. As of Friday afternoon, the stock remained the most bought and sold on Fidelity Investments's trading platform.
/jlne.ws/3AfmHHw
How to Beat the Stock Market Without Even Lying; Stock funds have been pulling a switcheroo to make their returns look better: When they don't measure up, they change how they measure.
Jason Zweig - The Wall Street Journal
You know all that stuff you've been hearing for so long about how fund managers can't beat the market? It isn't true. Fund managers can easily beat the market. All they have to do is change which market they're trying to beat. Hundreds of them have been doing just that for years. Such maneuvers are perfectly legal—and investors need to fend for themselves, because regulators have so far been paying little attention. A new study by finance professors Kevin Mullally of the University of Central Florida and Andrea Rossi of the University of Arizona finds that between 2006 and 2018, 37% of all U.S. stock mutual funds pulled this kind of switcheroo.
/jlne.ws/3Kqyg3D
Bloomberg forces SEC to provide cost analysis of primary issuance database
Dan Barnes - The Desk
The case, Bloomberg LP v. SEC, was brought by Bloomberg and argues against the SEC's decision to approve new reporting requirements proposed by the Financial Industry Regulatory Authority (FINRA), affecting underwriter members in the corporate bond market. Based on an initial proposal by the SEC's Fixed Income Market Structure Advisory Committee (FIMSAC), FINRA represented to the SEC that "market inefficiencies in the corporate bond market reduce market participation, decrease liquidity, and increase transaction and opportunity costs."
/jlne.ws/3K9wJ1F
Prince William Charity Invests With Bank Tied to Dirty Fuels
Ed Davey - The Associated Press via Bloomberg
The conservation charity founded by Prince William, second in line to the British throne and who launched the Earthshot Prize, keeps its investments in a bank that is one of the world's biggest backers of fossil fuels, The Associated Press has learned. The Royal Foundation also places more than half of its investments in a fund advertised as green that owns shares in large food companies that buy palm oil from companies linked to deforestation. "The earth is at a tipping point and we face a stark choice," the prince, a well-known environmentalist, is quoted saying on the websites of the Earthshot Prize and Royal Foundation.
/jlne.ws/3wkzzuK
Ethereum Overhaul Risks Creating a New Class of Kingpins
Olga Kharif - Bloomberg
The much-anticipated upgrade of Ethereum will create new participants called builders in the blockchain ecosystem, a move that risks altering the power structure of what is arguably the most commercially important cryptocurrency network.
/jlne.ws/3QZxFHZ
Australian govt embarks on crypto stocktake ahead of sector regulation
Reuters
Australia said on Monday it would do a virtual stocktake of the country's cryptocurrency holdings, the first signal from the new centre-left government that it plans to regulate the $1 trillion sector. Treasurer Jim Chalmers said that his department would undertake "token mapping", or cataloging the types and uses of digital currency owned within the country, as a first step to identifying which cryptocurrency assets to regulate, and how. Australia would be the first country in the world to conduct such an exercise, he added in a statement.
/jlne.ws/3QZxT1N
Australia to Use 'Token Mapping' as Framework for Crypto Regulation
Amitoj Singh - CoinDesk
Australia's new government, led by Prime Minister Anthony Albanese since May 23, will begin a review of how cryptocurrency assets are managed, with a view toward keeping practices up to date and protecting consumers, Australian Treasurer Jim Chalmers said in a statement released on Monday.
/jlne.ws/3c7nKl3
US Crop Tour Set to Kick Off With World's Food Reserves at Stake; Harvests will determine global supply of corn, soybeans; Wild weather and war are backdrop of four-day Midwest survey
Tarso Veloso Ribeiro and Kim Chipman - Bloomberg
Farmers from Nebraska to Ohio are nearing the final stretch of one of the most turbulent growing seasons ever, with the world now nervously waiting to see if US corn and soybean harvests will be big enough to revive supplies diminished by war and weather.
/jlne.ws/3QFv8Tv
Andrew Bailey, a central banker under fire; The Bank of England governor has been criticised by politicians for his response to steeply rising inflation
Chris Giles - Financial Times
No one can deny that Andrew Bailey had a difficult first week as governor of the Bank of England. Appointed in December 2019, he took charge on March 16 the following year to be faced immediately with the explosion of coronavirus cases, a sterling crisis and the UK government moving towards lockdown.
/jlne.ws/3QNJK3y
Are bond ETFs the bad guys? The fixed income space is being flooded by ETF flows, but are these record trading volumes sucking liquidity dry, and what problems is this causing for active traders? The TRADE takes a look at the landscape... and why it's making both sides of the street so nervous.
Laurie McAughtry - The Trade
ETFs are inundating the bond markets right now - to the tune of $32.5 billion in July alone, according to BlackRock's monthly ETP survey. It was a significant uptick from June's $3.2 billion, driven primarily by a surge of interest in corporate bond ETFs, which saw inflows of $13.8 billion in July, reversing the $9.9 billion outflows seen the previous month, with investment grade credit taking the lion's share.
/jlne.ws/3KjdV00
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Macron calls Putin over fears Russia is weaponising captured nuclear plant
Emma Graham-Harrison, Isobel Koshiw and Dan Sabbagh - The Guardian
France's president, Emmanuel Macron, has said Russia may plan to decouple the Zaporizhzhia nuclear plant from the Ukrainian power grid, backing up warnings from Ukraine's own nuclear power firm. Macron spoke to the Russian president, Vladimir Putin, on Friday and said the call was necessary because of the urgent nuclear threat to Europe. Putin agreed to allow independent inspectors to go to the plant, Macron's office said, and had "reconsidered" allowing the mission from the International Atomic Energy Agency to travel to the facility from Ukrainian territory. The Ukrainian nuclear firm Energoatom said on Friday that it feared that Russia plans to switch off the functioning power units at the Zaporizhzhia plant, which in normal times provides about one-fifth of Ukraine's electricity.
/jlne.ws/3dAygkX
Ukraine Latest: Crimea Drone; US Sanctions Warning to Turkey
Bloomberg
A drone struck the headquarters of Russia's Black Sea fleet in occupied Crimea on Saturday, days after unexplained explosions at nearby military facilities. No injuries were reported. Several Ukrainians, including children, were injured in a Russian rocket strike north of Mykolaiv. The latest tranche of military aid to Ukraine, announced Friday, sees total US commitments reach $10.9 billion. The offer includes more HIMARS rocket systems, credited with helping Kyiv slow Moscow's advance over the summer. Grain exports continue from three Ukrainian Black Sea ports a month after a safe-transit agreement was reached. A Turkish official estimated total shipments so far at over 656,000 tonnes.
/jlne.ws/3Ac2DG4
Half of Russia's Black Sea fleet's combat jets out of operation, Western official says
Reuters
Blasts at the Saky air base in the annexed Crimean peninsula earlier this month have put more than half of the Russian Black Sea fleet's naval aviation combat jets out of use, a Western official said on Friday. The air base near Novofedorivka on the west coast of the peninsula, which Russia annexed from Ukraine in 2014, suffered multiple explosions on Aug. 9. The official, speaking on condition of anonymity, said Ukraine was now consistently achieving "kinetic effects" deep behind Russia's lines which was having a material impact on Russia's logistics support and "a significant psychological effect on the Russian leadership".
/jlne.ws/3c9qkXx
Ukraine's soldiers have rockets and drones, but are running low in boots and T-shirts; "Ukraine wasn't ready for this war. We never thought that our neighbor, who turned out to be our enemy, would resort to a full-scale invasion," said volunteer Dmytro Kazmirchuk.
Josh Lederman and Ed Flanagan - NBC News
At a sprawling open-air market near the Black Sea, shoppers duck in and out of rusting shipping containers that have been converted to makeshift army surplus shops, scanning row upon row of uniforms, boots and tactical gear. Some are Ukrainian soldiers stocking up on supplies for the battlefield. Others, like former taxi driver Dmytro Kazmirchuk, are volunteers taking it upon themselves to outfit front-line troops who still lack the basics. "Ukraine wasn't ready for this war. We never thought that our neighbor, who turned out to be our enemy, would resort to a full-scale invasion," Kazmirchuk says as he picks out goggles, gloves and camouflage T-shirts for six service members he's sponsoring in Donetsk. "Therefore, not everyone has everything."
/jlne.ws/3QY4hlt
Ukraine's Southern Forces Wage a Slow Campaign to Wear the Russians Down; Russian shelling has dropped after Ukraine hit high-value targets with long-range rockets, a push Kyiv hopes will eventually prompt Moscow's forces to withdraw
Ian Lovett - The Wall Street Journal
Until recently, Russian artillery pounded Ukrainian forces on the front lines of the war in the south. But today, just 3 miles from the Russian line, incoming shells have become far less frequent since Ukrainian forces started taking out Russian ammunition depots and bridges in the Kherson region and Crimea. "There's about half as much incoming as three or four weeks ago," says Yevhen, a Ukrainian infantry squad commander, who hasn't fired his rifle in more than a month. This is what Ukraine's offensive to retake occupied territory in the south of the country looks like: not a dramatic ground assault, but a series of artillery strikes designed to cut Russian supply lines and isolate Russian troops in the region.
/jlne.ws/3ClsCxu
Odesa Is Defiant. It's Also Putin's Ultimate Target.
Roger Cohen - The New York Times
The Odesa Fine Arts Museum, a colonnaded early-19th-century palace, stands almost empty. Early in Russia's war on Ukraine, its staff removed more than 12,000 works for safe keeping. One large portrait remained, depicting Catherine the Great, the Russian empress and founder of Odesa, as a just and victorious goddess. Seen from below in Dmitry Levitzky's painting, the empress is a towering figure in a pale gown with a golden train. The ships behind her symbolize Russia's victory over the Ottoman Turks in 1792. "She's textbook Russian imperial propaganda," said Gera Grudev, a curator. "The painting's too large to move, and besides, leaving it shows the Russian occupiers we don't care."
/jlne.ws/3Tb9Nmz
Seized Superyacht to Be Auctioned to Pay JPMorgan Loan
Benjamin Robertson - Bloomberg
A luxury yacht formerly owned by sanctioned Russian businessman Dmitry Pumpyansky will be sold at auction on Tuesday after the billionaire failed to repay JPMorgan Chase & Co. a loan, according to an auctioneer's website. It will be the first superyacht to be publicly auctioned since Russia's invasion of Ukraine pushed authorities to freeze luxury vessels in ports around the world, Nigel Hollyer, a broker at auction house Howe Robinson Partners, told Bloomberg by phone.
/jlne.ws/3wJeVVJ
'We realized that there's no way we can return': Russia's best and brightest are leaving the country in record numbers. 6 young Russians explain why they left
Yvonne Lau - Fortune
Three months ago, Sonya, a 25-year-old who works at a major mobile gaming company and moonlights as a tutor, made one of the toughest decisions of her life: She left Russia. She had an old but cozy communal apartment with her boyfriend and two other roommates in Moscow's city center, a tight-knit group of friends, and spent several days a week taking classes at a local dance academy—her lifelong passion.
/jlne.ws/3CjYDWM
Ukrainian grain deal 'lays groundwork for permanent peace environment,' says Turkey
Tara John and Cecelia Armstrong - CNN
Some 27 ships loaded with grain have left Ukraine's Black Sea ports since August 1 under an export deal brokered by the United Nations and Turkey, which has laid "the groundwork for a permanent peace environment," Turkey's Defense Minister said in a speech on Saturday.
/jlne.ws/3AgQ5Nx
Oleg Rogynskyy of People.ai: 'I had a gut feeling that a war was going to start'; How the tech company boss helped his Ukrainian workforce to leave the country as threats from Russia increased
Emma Jacobs - Financial Times
At the start of the year, one honeymooning Ukrainian engineer received a call from his employer. Would he like to extend his holiday in Turkey, all expenses paid? Yes. Of course. Such freebies were part of a strategy by People.ai, a tech platform providing data on sales and operations performance. The aim was to persuade its Ukrainian staff to leave their country weeks before Vladimir Putin announced Russia would deploy a "special military operation" in Ukraine. Many employees were sceptical and scared, says Oleg Rogynskyy, the founder and chief executive who grew up in the industrial central-eastern Ukrainian city of Dnipro. The city is now strategically important, located between the three main areas of fighting.
/jlne.ws/3T5W4xq
Russia rules out peace deal to end Ukraine war; Ambassador Gennady Gatilov warns Moscow expects a prolonged conflict
Henry Foy - Financial Times
Moscow sees no possibility of a diplomatic solution to end the war in Ukraine and expects a long conflict, a senior Russian diplomat has warned, as President Vladimir Putin's full-scale invasion reaches the six-month mark this week.
/jlne.ws/3dRPMl6
Putin's War in Ukraine at a Standstill, Western Officials Say; Russia and Ukraine currently incapable of decisive impact; Western officials speaking on condition of anonymity
Emily Ashton and Marc Champion - Bloomberg
Russia's invasion of Ukraine is at a near-operational standstill, with neither side currently able to launch an offensive that would materially affect the course of the conflict, according to an assessment from Western officials.
/jlne.ws/3wmf2WU
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The shares of the Bucharest Stock Exchange are included from September 19 in the FTSE Russell indices dedicated to Emerging Markets
BVB
The shares of the Bucharest Stock Exchange (BVB), a company listed in 2010 on its own regulated spot market in the Premium category, will be included, from September 19, in the FTSE Russell indices dedicated to Emerging Markets. The BVB shares will be part of the FTSE Global Micro Cap, with the inclusion announced by the global index provider following its quarterly review published on August 19.
/jlne.ws/3dREfCk
Notice on Listing of New Equity Index Futures and Options Contracts
China Financial Futures Exchange Co. Ltd. (CFFEX)
/jlne.ws/3c8ApnR
Notice Of Disciplinary Action
CME Group
Member Firm: Wedbush Securities Inc. CBOT Rule: 980. Required Records And Reports A. Each clearing member shall prepare, maintain and keep current those books and records required by the rules of the Exchange, the Commodity Exchange Act and the Regulations thereunder. Such books and records shall be open to inspection and promptly provided to the Exchange upon request.
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2022 Public Holiday Schedule Arrangements for Four (4) Freight Daily; Futures Contracts Referencing The Baltic Exchange Data
CME Group
The Baltic Exchange advised New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") that it will not provide freight prices in connection with the four (4) freight daily futures contracts listed below (the "Contracts") on the following days in 2022. Therefore, the Exchange will not avail the Contracts for trading and clearing on the days more specifically provided in the table below.
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DTCCS's Project Ion Platform Now Live In Parallel Production Environment, Processing Over 100,000 Transactions Per Day On Dlt; Project Ion represents one of the largest DLT initiatives in equities settlement across the financial services industry; DTCC has selected R3's Corda as the underlying DLT technology for the Project Ion platform
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its Project Ion platform, which is being developed as an alternative settlement platform leveraging distributed ledger technology (DLT), has gone live in a parallel production environment while upholding the firm's rigorous resiliency and safety standards.
/jlne.ws/3KfuYQn
DTCC's blockchain T+0 settlement platform hits milestones in live parallel production; Project Ion is now live in parallel production environment as the DTCC seeks to bring DLT to settlement and enable netted T+0.
Jonathan Watkins - The Trade
The Depository Trust & Clearing Corporation's (DTCC) has announced that its distributed ledger technology (DLT) based settlement platform has gone live in a parallel production environment, processing up to 160,000 transactions per day. Project Ion has been in the works since May 2020, with a view to support a netted T+0 settlement cycle, as well as T+2, T+1 and extended cycles.
/jlne.ws/3dGXqhT
Adoption of Settlement Rules of Corporate Bonds listed at EGX
Federation of Euro-Asian Stock Exchanges (FEAS)
The Egyptian Financial Regulatory Authority (FRA) adopted the executive rules submitted by Misr for Clearing Settlement & Central Depository (MCDR) after coordination with the Egyptian Exchange (EGX) for trading settlement of listed Corporate Bonds to be during the main trading session. This action was taken in response to requests from investment banks and asset management companies. This action aims to activating the corporate bonds market and provide an incentive for bonds trading at EGX.
/jlne.ws/3QY4x3U
FEX $500 Strike 5MS Cap Power Contract
FEX
Introduction: FEX Global recently advised of the planned amendment to the FEX $300 Strike Cap Power Quarterly Futures contract into a FEX $500 Strike 5MS Cap Power Quarterly Futures contract. The FEX $500 Strike 5MS Cap Power Quarterly Futures contract will be available for testing in the External Test Environment commencing Monday the 29th August 2022.
/bit.ly/35mGeKM
Terminal Transfer Fee Waiver Extended for ICE Midland WTI AGC Futures
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that Magellan Midstream Partners, L.P. (NYSE: MMP) and Enterprise Products Partners L.P. (NYSE: EPD) have extended their "no-charge" arrangement between the Magellan East Houston ("MEH") and Enterprise Crude Houston ("ECHO") terminals to transfer crude oil delivered through ICE's Midland WTI American Gulf Coast futures contract (ICE: HOU) until December 31, 2023.
/jlne.ws/3R5ChMV
Caution for Investors
NSE
It has been brought to the notice of the Exchange that entity named "Real Trader" operating through telegram channel named "Groww Stock" and whatsapp number "9009115861" is offering investment plans with guaranteed returns. Investors are cautioned and advised not to subscribe to any scheme/ product offered by any entities/persons offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law. It may also be noted that the entities named "Real Trader" and "Groww Stock" are not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | NinjaTrader Group Appoints Hazim Macky Chief Technology Officer
NinjaTrader Group
NinjaTrader Group, LLC, a global leader in clearing, brokerage and technology solutions for active traders through its subsidiaries NinjaTrader and Tradovate, announced today that Hazim Macky has joined the firm as Chief Technology Officer (CTO). Macky brings more than 20 years of software engineering and technology leadership experience to the newly established role, reporting to NinjaTrader Group CEO Martin Franchi.
/jlne.ws/3AFmfnE
Liquidnet appoints MarketAxess alumnus as global head of sales for fixed income; Incoming head brings over 25 years' experience to the firm, having previously served at MarketAxess, LiquidityEdge and ICAP.
Wesley Bray - The Trade
Liquidnet, now part of interdealer broker TP ICAP, has appointed Nichola Hunter as its new global head of sales for fixed income. As part of her new role, Hunter will be responsible for growing client relationships at the firm.
/jlne.ws/3QZi2QL
Liquidnet's Q3 2022 Mid-Quarter Review: Retail And Institutional Activity Return, And Sharp Changing Market Volume Sources Jeffrey O'Connor, Head of Market Structure, Americas
Mondovisione
It's time to check in on the conditions of the markets as the last four weeks have certainly brought change. While Q2 earnings did manage to keep volumes off the lows in the mid-summer stretch, it didn't play out as much of an activity catalyst compared to Q1. And as we've seen this peaking inflation theme play out over the past few weeks, maybe corporate reports for the Q1 season carried more weight in terms of a "window into the health of the economy" versus Q2—and with it heightened trading activity.
/jlne.ws/3cfmnAz
Eventus: Exclusive news, industry insights, upcoming events and more
Eventus - LinkedIn
Be the first to hear about the latest Eventus news, exclusive industry insights, upcoming events and company updates through the monthly newsletter. Subscribe today.
/jlne.ws/3AFcc1W
Paytm Billionaire CEO Wins Resounding Vote to Stay in Charge
Saritha Rai and Vrishti Beniwal - Bloomberg
The billionaire founder of Paytm emerged unscathed in a crucial test of investor confidence, with a forceful majority of shareholders voting to keep him at the helm of the fintech pioneer that made one of the worst market debuts in Indian history.
/jlne.ws/3R2pgn6
A conversation with Andreessen Horowitz's fintech leads
Mary Ann Azevedo - TechCrunch
Last month, Andreessen Horowitz — one of venture capital's largest and most prominent players — announced that its "headquarters will be in the cloud" going forward. Founded in 2009 in Menlo Park, California, the firm — also known as a16z — has for years been a symbol of Silicon Valley investing.
/jlne.ws/3cajQI5
Why London is holding on to its fintech crown; Fintech has bounced back from the pandemic, showing the City's strength will remain
Rajesh Agrawal - Financial News
London was confirmed last month as the world's top hub for fintech venture capital funding. So far in 2022, it has raised $6.3bn. That's well ahead of New York, at $4.5bn, and Silicon Valley, at $5.5bn. It comes on the back of record-breaking venture capital investment into London last...
/jlne.ws/3wl0dUA
Norges Bank Investment Management completes first trade on Appital Turquoise Bookbuilder; Algorithmic bookbuilding platform Appital went live last week, after teaming up with Turquoise in July last year - delivering a new peer to peer platform for the buy-side to proactively source new liquidity.
Annabel Smith - The Trade
Norges Bank Investment Management (NBIM) has become the first buy-side firm to execute a trade using the bookbuilding brainchild recently launched by Appital and Turquoise.
/jlne.ws/3AehrUD
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| Cybersecurity | | Top stories for cybersecurity | iOS Can Stop VPNs From Working as Expected—and Expose Your Data; A security researcher claims that Apple mobile devices keep connections open if they are created before a VPN is activated.
A security researcher says that Apple's iOS devices don't fully route all network traffic through VPNs as a user might expect, a potential security issue the device maker has known about for years. Michael Horowitz, a longtime computer security blogger and researcher, puts it plainly—if contentiously—in a continually updated blog post. "VPNs on iOS are broken," he says. Any third-party VPN seems to work at first, giving the device a new IP address, DNS servers, and a tunnel for new traffic, Horowitz writes. But sessions and connections established before a VPN is activated do not terminate and, in Horowitz's findings with advanced router logging, can still send data outside the VPN tunnel while it's active.
/jlne.ws/3CqXuwz
How to spot 'spear phishing', an insidious cybercrime trend
Karen Cicero - Yahoo Life
True story: At a company I once worked for, employees received an email about an unexpected bonus. In private Slack channels, we wondered whether it was a well-played phishing attempt. Turns out, the bonus was legit, but so was our inclination to question it. Phishing—when cybercriminals pose as legitimate institutions to get info or money from you—is the origin of up to 90 percent of breaches and hacking incidents, says Frank Cilluffo, director of Auburn University's McCrary Institute for Cyber and Critical Infrastructure Security in Alabama.
/jlne.ws/35ShaLV
NSO changes CEO as part of broader shake-up; Israeli spyware company to launch reorganisation involving 100 job losses
Michael O'Dwyer - Financial Times
The chief executive of NSO Group is stepping down as part of an internal shake-up at the Israeli spyware company, whose technology has allegedly been misused by governments and other groups to hack mobile phones of journalists and political dissidents.
/jlne.ws/3ADKC4Z
Norway's oil fund warns cyber security is top concern
Adrienne Klasa and Robin Wigglesworth - Financial Times
Cyber security has eclipsed tumultuous financial markets as the biggest concern for the world's largest sovereign wealth fund, as it faces an average of three "serious" cyber attacks each day.
The number of significant hacking attempts against Norway's $1.2tn oil fund, Norges Bank Investment Management, has doubled in the past two to three years, according to its chief executive Nicolai Tangen.
/jlne.ws/3dHtMJr
How The Executive Order Has Changed Cybersecurity—And What Remains To Be Done
Chris Wysopal - Forbes
When the Biden administration issued an Executive Order (EO) on Cybersecurity in May 2021, the overarching goal was to establish security requirements for software vendors that sell software to the U.S. government. At the time, enterprises and governmental agencies were still reeling from the impacts of recent major cyberattacks, including those launched through vulnerabilities exploited in open-source software libraries.
/jlne.ws/3K9GVal
What's Happening With Cyber Security Stocks?
Forbes
Our theme of Cyber Security Stocks has seen a sizable sell-off this year, declining by close to 18%, roughly in line with the Nasdaq-100. There are multiple reasons for the sell-off. Firstly, the theme is largely comprised of high-growth, high-multiple stocks, which are less attractive to investors in a rising interest rate environment. Moreover, there are concerns about the U.S. economy with GDP contracting over the last two quarters. The big boom in demand seen through the early pandemic as companies spent on securing their increasingly distributed workforces is also likely easing, impacting cybersecurity companies. However, there's probably a good reason for investing in these stocks following the recent drawdowns.
/jlne.ws/3dQEe1v
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| Cryptocurrencies | | Top stories for cryptocurrencies | The Ontario Securities Commission (OSC) Accepts Crypto.com Pre-Registration Undertaking for Operations in Canada
Crypto.com the First Global Cryptocurrency Platform Signed to OSC Undertaking
Crypto.com
Crypto.com, the world's fastest growing cryptocurrency platform, announced today it has signed a Pre-Registration Undertaking with the Ontario Securities Commission (OSC) in Canada. This signing, recognized by the OSC and all Canadian jurisdictions through a joint Canadian Securities Administration (CSA) initiative, makes Crypto.com the first global cryptocurrency platform currently operating in line with this regulatory undertaking in Canada. Under the terms of the agreement, Crypto.com is committed to working with the OSC to offer a suite of products and services in full compliance with Canadian regulations. This undertaking builds on Crypto.com's existing regulation in Canada under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
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Federal Reserve's New Master Account Guidelines Provide Transparent Path For Crypto Industry
Daniel Davis, Gary DeWaal, Christina Grigorian - Katten Muchen via JD Supra
State-chartered crypto banking entities and other crypto financial institutions will now be subject to a "transparent and equitable framework" when applying for direct access to the Federal Reserve's payment systems (specifically, access to so-called "master accounts") and to engage in other financial transactions permitted only to such accountholders under new guidelines approved by the Board of Governors of the Federal Reserve System (Federal Reserve) on August 15.
/jlne.ws/3CnoQDF
Cryptocurrency has been touted as the key to building Black wealth. But critics are skeptical
Nicquel Terry Ellis - CNN
Samson Williams was working in the mortgage lending industry in 2014 when a colleague convinced him to invest in cryptocurrency. At the time, Williams didn't know much about cryptocurrency but decided to invest a little more than $200 to see where it would get him. "No one knew what it was," Williams said. "But it was going to change the world. So I was drinking a lot of crypto Kool-Aid." Cryptocurrency -- decentralized digital money such as bitcoin and ethereum -- would gain momentum among Black investors in the years to come. As the hype grew, Williams cashed out in 2020 and bought his mom a house. He had learned enough about cryptocurrency to know it was time to get out.
/jlne.ws/3TjTswf
Ronin Hackers Converted Some Stolen Ether to Bitcoin: SlowMist Researcher
Shaurya Malwa. - CoinDesk
A researcher at security firm SlowMist has stated that the attackers behind this year's $625 million Ronin bridge exploit converted part of their stolen funds from ether (ETH) to bitcoin (BTC) and used sanctioned privacy mixers to mask their identities further. The March exploit affected Ronin validator nodes for Sky Mavis, the publisher of the popular Axie Infinity game, and the Axie DAO, with attackers stealing some 173,600 ether and 25.5 million in USDC.
/jlne.ws/3QF2zFH
Can Ethereum Fight Back Against the US' Sweeping Censorship Attempt?
George Kaloudis - CoinDesk
Well, the annoying market is still annoying, wishy-washy and boring (apart from bitcoin tanking Thursday night) so we're going to keep leaning into tech, policy, privacy and other related topics until the annoying market stops being annoying.
/jlne.ws/3Kfn7lR
Creditors object to bankrupt crypto lender Voyager paying out bonuses
Timmy Shen - Forkast
Creditors of cryptocurrency lender Voyager Digital Holdings are objecting to the company's request for funds to payout bonuses to staff, saying the employees are already "well-compensated."
/jlne.ws/3wpkOab
Tether's Second Quarter Lays Bare Impact of Terra Collapse; Total assets fell by 19% to $66.4 billion, report shows; Commercial paper was reduced by 58% quarter-on-quarter
Emily Nicolle - Bloomberg
Tether Holdings Ltd.'s total assets dropped by almost 20% in the second quarter, a report showed, demonstrating the impact of increased redemptions on the stablecoin operator's cryptocurrency in circulation. The stablecoin operator had assets totaling at least $66.4 billion as of June 30, according to a so-called assurance issued by the accounting firm BDO Italia on Friday. Tether's total liabilities amounted to $66.22 billion, of which $66.2 billion relates to the digital tokens that the company has issued.
/jlne.ws/3A6Gxog
Crypto Immutability Only Works If All Layers Are Secure
Sean Stein Smith - Forbes
With rising institutional interest and adoption of various cryptoassets, including bitcoin but also many other crypto related applications, it seems worthwhile to revisit an often-stated, but potentially misunderstood aspect of blockchain-based assets. In any conversation, presentation, or casual discussion around blockchain or cryptoassets one of the most often cited traits of crypto is the immutability (unhackable) nature of blockchain transactions. As has been proven time and again, via the hacks and other breaches that have cost investors billions of dollars on an annual basis, the protocols, exchanges, and applications that investors leverage are not - as it turns out - immutable.
/jlne.ws/3PJTRVs
Digital Assets Defined: How Lummis-Gillibrand Will Shore Up Stablecoins
Jones Day
In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill") regarding the issuance and regulation of a "payment stablecoin," which the Bill defines as a digital asset issued by a business entity that is "redeemable on demand" for legal tender, "backed by 1 or more financial assets," and is "intended to be used as a medium of exchange." Stablecoin regulation has received renewed attention after the collapse of the algorithmic stablecoin TerraUSD, which was not fully backed with cash or assets.
/jlne.ws/3wnIvQl
How Stablecoins Became a Powerful Force in Crypto; Talking about the future of stablecoins
Joe Weisenthal and Tracy Alloway - Bloomberg
In theory, what gets people most excited about crypto is lines going straight up. But one of the biggest successes in crypto is the rise of stablecoins. Basically, stablecoins allow people to hold dollar-linked assets directly on the blockchain. This is potentially important for P2P payments, trading, cross-exchange arbitrage and more. But by holding actual money, the big stablecoin issuers potentially have a massive amount of power in a space that's supposed to be all about decentralization. On this episode, we speak with Jeremy Allaire, the CEO of Circle, which issues the USDC stablecoin. We talked about regulation, the business model of stablecoins, and the influence he has within the broader ecosystem.
/jlne.ws/3Cn8HOE
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| Politics | | An overview of politics as it relates to the financial markets | US trustbusters: why Joe Biden is taking on private equity; The influence of buyout groups on American industry has never been greater, sparking closer scrutiny of the business by antitrust regulators
Stefania Palma and James Fontanella-Khan - Financial Times
Almost 60 years ago the US Department of Justice argued before the Supreme Court that a couple of large grocery store chains in Los Angeles should not be allowed to merge. The government believed two things were at stake: the livelihood of ordinary Americans and the chance to set a legal precedent to pre-empt market saturation.
/jlne.ws/3AkMzSG
After Signing Climate Bill, Biden Prepares More Actions to Cut Emissions; Regulations from the E.P.A. and elsewhere will help the president meet his aggressive climate goals, administration officials say.
Lisa Friedman and Jim Tankersley - The New York Times
Fresh off signing expansive climate legislation, President Biden and his administration are planning a series of executive actions to further reduce greenhouse gas emissions and help keep the planet from warming to dangerous temperatures, senior White House officials said. Mr. Biden is on track to deploy a series of measures, including new regulations on emissions from vehicle tailpipes, power plants and oil and gas wells, the officials said. In pushing more executive action, Mr. Biden is trying to make up for the compromises his party made on climate measures to pass the Inflation Reduction Act, which includes the largest single American investment to slow global warming. Democrats had to scale back some of their loftiest ambitions, including by agreeing to fossil fuel and drilling provisions, as concessions to Senator Joe Manchin III, Democrat of West Virginia, a holdout from a conservative state that is heavily dependent on coal and gas.
/jlne.ws/3Kah8Pc
Gary Gensler's gross SEC overreach; The targeting of cryptocurrency reveals Gensler's intentions to expand the power of the SEC
Facebook
John Deaton - FOX Business
The Supreme Court may have recently struck down overreach by the Environmental Protection Agency, but at the Securities and Exchange Commission, chairman Gary Gensler remains undeterred in expanding the agency's power beyond its constitutional boundaries. For proof, you need no better example than his all-out assault on the cryptocurrency space.
/jlne.ws/3c9nFx2
Republicans wage war on environmental investing rules
Stephen Neukam - The Hill
A groundswell of Republicans in states across the U.S. are waging a war against environmental, social and governance (ESG) investing, framing the fight against the economic strategy as a stance against what they call liberal policies interfering in the free market. Prominent GOP figures including former Vice President Mike Pence and Florida Gov. Ron DeSantis, both potential 2024 contenders, have latched onto the issue. But so have state-level Republicans, who are implementing restrictions that blacklist certain firms from doing business with their state, usually because of what they perceive as unfavorable stances toward an industry that is the main driver of the global crisis of climate change: fossil fuel.
/bit.ly/3wmdmg4
Biden's Approach to Crypto; The Biden Administration released a broad executive order looking at how to approach digital assets, and how to regulate them.
Victoria Vergolina - Bloomberg
We hear the words "Crypto" and "Regulation" mentioned in the same sentence a lot these days. In the U.S. House, Financial Services Committee Chair Maxine Waters and Ranking Member Patrick McHenry are looking to regulate stablecoins in the wake of the Terra/Luna collapse, when this supposed 'stablecoin' proved not so stable.
/jlne.ws/3wohxbk
Congress should reconsider US tax on share buybacks; Repurchases are a superb discipline in corporate finance that should be encouraged
Charley Ellis - Financial Times
Surprisingly, prominent people in government and the media continue to express concern, even alarm, over public corporations repurchasing their shares on the open market. While almost anything can be done in the wrong way for the wrong reasons, share repurchases have much to recommend them and should be encouraged as a superb discipline in corporate finance.
/jlne.ws/3c9tDxW
Liz Truss Shouldn't Mess With the Bank of England's Independence; The central bank is not above criticism, but politics and monetary policy are best kept apart.
The Editors - Bloomberg
Liz Truss, who looks likely to become the UK's new prime minister next month, has stirred controversy with recent statements on the Bank of England. To gather support in the Conservative Party's leadership contest, she's proposing a departure from "business-as-usual economic strategy." Among other things, she wants to review the central bank's mandate.
/jlne.ws/3dG3oiZ
Malaysia's Mahathir Sees '50-50 Chance' Najib Gets 1MDB Pardon; Royal pardon would pave way for Najib to return to politics; Mahathir says he would contest in upcoming elections if asked
Philip Heijmans and Ravil Shirodkar - Bloomberg
Malaysia's longest-serving leader Mahathir Mohamad saw a "50-50 chance" ex-premier Najib Razak will eventually receive a royal pardon in a case linked to 1MDB, the state fund that had billions of dollars siphoned and spread across the globe.
/jlne.ws/3Ag1mxS
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| Regulation & Enforcement | | Stories about regulation and the law. | UK Financial Conduct Authority Responds To Complaints Into Its Regulation Of Premier FX
Financial Conduct Authority
The FCA has today responded to complaints from people who complained to the FCA after losing money when Premier FX (PFX), a payment services firm, authorised for money remittance, collapsed in 2018. Following an independent internal assessment of each complaint, the FCA has upheld or partially upheld 5 out of 31 allegations.
/jlne.ws/3CnorRZ
SEC and CFTC Agree on a Single Definition of "Digital Asset" - More is Needed
Edward H. Ivey, Jonathan Prytherch, John Lightbourne and Jules Carter - Moore & Van Allen
The Securities and Exchange Commission ("SEC") and Commodity Futures Trading Commission ("CFTC") (collectively, the "Agencies") jointly proposed a rule (the "Proposed Rule") that would impact existing confidential reporting obligations of private equity funds and other collective investment vehicles not registered as an "investment company" (referred to as, "Private Funds"). The rule proposes changes to the Form PF, a non-public report for certain SEC-registered investment advisers to Private Funds, which get submitted to the SEC (and CFTC, when applicable). The Agencies use the Form PF's information to monitor risk and gain general intel about the Private Fund and market more broadly. To be clear, changes here would impact more than digital assets, they are really making a large revamp here of the reporting regime. Checkout the SEC's Fact Sheet.
/jlne.ws/3c8zunp
Leading the Charge: the CFTC Rewrite
Kate Delp - Depository Trust & Clearing Corporation
Nearly ten years ago, the U.S.'s Commodity Futures Trading Commission (CFTC) led the global regulatory community as the first jurisdiction to implement requirements for the reporting of over-the-counter (OTC) derivatives to a registered trade repository under the Dodd-Frank Act. As we near the 10th anniversary of trade reporting, it is fitting that the CFTC is set to lead the charge once again, this time with the upcoming launch of their rules rewrite as the global regulatory community works to revamp reporting requirements with a renewed focus on data harmonization.
/jlne.ws/3wlgXLe
CFTC Charges Michigan Commodity Pool Operator and His Company with Sales Solicitation Fraud as Part of a Commodity Pool Scheme
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced it filed a civil enforcement action in the U.S. District Court for the Eastern District of Michigan against Andrew M. Middlebrooks and his firm EIA All Weather Alpha Fund I Partners, LLC, a Delaware company, based in the Detroit, Michigan area. The complaint alleges Middlebrooks and his company engaged in a scheme that fraudulently solicited individuals in the U.S. and elsewhere to trade commodity interests, among other financial products, through a commodity pool called EIA All Weather Alpha Fund I, LP. The complaint further alleges Middlebrooks and his company solicited, accepted, and pooled millions of dollars from dozens of fund participants. In its continuing litigation, the CFTC seeks full restitution to defrauded fund participants, disgorgement of any ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA), as charged.
/jlne.ws/3R0BA7v
Opening Remarks of Commissioner Kristin Johnson for the CFTC and OMWI Roundtable on Digital Assets and Financial Inclusion
CFTC
Commissioner Johnson delivered remarks on digital asset policy, innovation, legislation and regulation at a roundtable at the CFTC, organized by Commissioner Johnson's Office, the Office of the Chairman, CFTC OMWI, and the inaugural CFTC Chief Diversity Officer.
/jlne.ws/3AAgDuK
Final Reminder - TRACE Depository Institution Reporting
FINRA
This is the final reminder for the TRACE Depository Institution Reporting requirement before this initiative commences. As announced by the Board of the Federal Reserve System in the Federal Register on October 28, 2021, FINRA will collect detailed data on depository institutions' daily transactions of marketable U.S. Treasury securities and of the debt and MBS issued by U.S. federal government agencies including government-sponsored enterprises (agencies) via its Trade Reporting and Compliance Engine (TRACE).
/jlne.ws/3pCpzt8
FINRA Board of Governors Elects Eric Noll as Chair
Ray Pellecchia - Financial Industry Regulatory Authority
The FINRA Board of Governors elected current FINRA Public Governor Eric Noll as its next Chair. Noll succeeds Eileen Murray, whose term on the Board and service as Chair concluded at the Aug. 19 annual meeting of FINRA firms. FINRA also announced the re-election of a Small-Firm Governor, the appointment of two new Public Governors and the reappointment of two Public Governors.
/jlne.ws/3dPH2vq
SEC Obtains Final Judgment Against Former Broker Found Liable for Defrauding Federal Employees
SEC
The U.S. District Court for the Northern District of Georgia today entered a final consent judgment against Jonathan Dax Cooke, a former broker accused of fraudulently persuading hundreds of current and former federal employees to liquidate their Thrift Savings Plan accounts in order to purchase variable annuities. The variable annuities charged significantly higher fees and provided Cooke with substantial commissions. The three other individual defendants named in this litigation settled before trial. On March 22, 2022, the jury in the Northern District of Georgia ruled in favor of the SEC on all counts against Cooke.
/jlne.ws/3cfXW6k
SEC Charges Market Manipulator Who Filed False Documents Via Edgar
SEC
The Securities and Exchange Commission Today Charged Lee Simmons, a Minnesota Resident, with Fraud Stemming from His Allegedly Phony Offer to Purchase Bluelinx Holdings, Inc.- a U.S.-listed wholesale distributor of building and industrial products.
/jlne.ws/3PEKnLd
ASIC's priorities for 2022 - 26
ASIC
ASIC has released its Corporate Plan, outlining its strategic priorities for the next four years and its plan of action for the year ahead. Chair Joe Longo said, 'The plan identifies work we have underway to address a number of emerging trends and important law reforms that are reshaping the financial system, including digitally enabled misconduct, emerging technologies, climate risks and an ageing population'.
/jlne.ws/3c9VHRN
ESMA Proposes Improvements To The EU Regime Of Third Country Benchmarks
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its response to the European Commission's (Commission) consultation on the regime applicable to the use of benchmarks administered in a third country (TC). In its response, ESMA comments on the functioning of the current regime and proposes improvements to the regulatory and supervisory framework as well as the European Union (EU) benchmark labels.
/jlne.ws/3T2MmMt
101 firms in scope of new emergency asset retention rules for British Steel Pension Scheme transfer advice
UK FCA
New emergency asset retention rules now apply to 101 firms who provided pension transfer advice to former British Steel Pension Scheme (BSPS) members, 26 of these firms are subject to an asset restriction.
/jlne.ws/3pApExz
Trader charged for fraud and deceit under the Securities and Futures Act; Singapore, 19 August 2022... Mr Pan Qi was charged today for offences involving fraud and deceit under the Securities and Futures Act (SFA)1.
Monetary Authority of Singapore
The investigation was jointly conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force. Mr Pan faces two charges under section 201(b) of the SFA, for engaging in a course of business which operated as a fraud on his ex-employer, Nech Capital Private Limited, a fund management company. He faces an additional charge under this same section for deceiving CGS-CIMB Securities (Singapore) Private Limited (CGS-CIMB Securities) through the unauthorised use of a trading account.
/jlne.ws/3c95esz
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | When the stock market is crazy, invest like a millionaire; The smart investor knows to play the long game, according to an analysis of 401(k) accounts
Michelle Singletary - The Washington Post
I finally looked. After months of avoiding swiping through the app for my 401(k) retirement account, I opened it and looked at my balance. It wasn't horrible. Periodically, it's fine to look at how your retirement account is doing. As of this week, my account was down 9.4 percent compared to a year ago. But when I looked at the three-year return, it was good, up 12.4 percent. Looking back over the last several years put today's stock market gyrations in perspective. Sure, I'm down from the high of 2021, but overall, my retirement investment plan has done exceptionally well over the years.
/jlne.ws/3c93DTm
Stocks Are Divorced From the Economy—but Won't Be Forever; What happens in the economy eventually matters. Slower growth, more inflation and higher interest rates isn't a recipe for long-term success.
James Mackintosh - The Wall Street Journal
Here's a thought experiment. Imagine the economy is looking a bit end-of-cycle-y, unemployment close to as low as it has ever been, forecast growth low, interest rates being cut and stocks high. Then fast forward three years to an economy that's not much bigger than it was and has unemployment slightly lower, growth forecast to be much lower and interest rates being raised. Where should stocks and other risky assets be?
/jlne.ws/3T06Fdc
Wall Street Bears Take Revenge After a $7 Trillion Rally
Tatiana Darie and Jess Menton - Bloomberg
A sober warning for Wall Street and beyond: The Federal Reserve is still on a collision course with financial markets. Stocks and bonds are set to tumble once more even though inflation has likely peaked, according to the latest MLIV Pulse survey, as rate hikes reawaken the great 2022 selloff. Ahead of the Jackson Hole symposium later this week, 68% of respondents see the most destabilizing era of price pressures in decades eroding corporate margins and sending equities lower.
/jlne.ws/3c6nt1P
Hot milk: what rising prices tell us about inflation; If the cost of a basic commodity is surging in a competitive market then pressures may persist longer than some expect
Claire Jones - Financial Times
Do you know what a pint of milk costs? It's a question designed to catch out out-of-touch celebrities and politicians. In these times of inflationary froth, central bankers — and therefore markets — might want to pay attention, too.
/jlne.ws/3PAeq6M
Early investors in Texas oilfields strike lucky; Despite the Biden administration's climate concerns, demand for domestic fuel has surged. And those who took risks are cashing in
Save
Justin Jacobs - Financial Times
Cody Campbell calls his rapid rise in America's hardscrabble oil patch a "wild ride". Little more than a decade ago, when Campbell was in his late 20s, he was looking for his next act. Injury had cut short a brief professional American football career and the 2008 housing crisis had driven him out of the real estate business. It was then that he returned from Indiana to his native Texas and teamed up with a friend, John Sellers, to start buying up drilling rights in promising oilfields to "try to make a little money".
/jlne.ws/3PFTACY
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Wall Street Is Failing Women in Retirement
Alexis Leondis, Bloomberg - The Washington Post
When it comes to a comfortable retirement, women in the US have the cards stacked against them. New efforts to start changing this are laudable, and yet they're still missing the mark because they're being shaped by decades of misperceptions. The inequities a woman faces throughout her working life — from earning less to shouldering the lion's share of childcare responsibilities — add up over the years and take their toll. More than 80% of women don't think they'll be able to retire without running out of money compared with 65% of men, according to a recent TIAA study. While much of the problem is rooted in culture and history — along with subpar US policies — the financial services industry bears its share of the blame. It's long neglected women, alienating them with patronizing attitudes and outdated thinking, making wrong assumptions about what they care about, relying on technical jargon and telling them to spend less rather than invest.
/jlne.ws/3QWRM9K
Europe's Natural-Gas Crunch Sparks Global Battle for Tankers; Charter rates and prices for new LNG tankers surge as Europe looks for alternatives to throttled Russian gas supplies
Georgi Kantchev, Joe Wallace - The Wall Street Journal
Europe's energy crisis has unleashed a global battle over natural-gas tankers, leading to a shortage of ships and further boosting the fuel's record prices. European countries ramped up their purchases of liquefied natural gas from the U.S., Qatar and other sources this year as Russia cut supplies to the continent. They are competing with peers in South Korea and Japan—where gas demand has surged during a heat wave—for a finite amount of supply ferried by a limited number of vessels.
/jlne.ws/3dOAxJx
Why investors ditched a booze company's ESG discount; Endeavour has been rewarded, not punished, by investors since it was spun out of Woolworths, leaving investors and analysts perplexed.
Jonathan Shapiro - Financial Review
When Woolworths decided to spin off its bottle shop and pubs businesses, it was meant to signify a big moment for environmental, social and governance investing. Though the official reason for the divestment was to simplify its operations, Woolies management no longer had to defend its status as the largest owner of poker machines in the country or one of the biggest booze retailers. So in June last year, the ASX welcomed a $10 billion booze and gaming company, Endeavour Group. The widely held view at the time was that the collective moral conscience of the financial markets would inflict a so-called ESG discount on the company, increasing its cost of capital. So a year later, how's that discount going? Well, it's completely gone.
/bit.ly/3T0bvqS
Growing appetite for copper threatens energy transition and climate goals
Daniel Yergin, Ph.D., Frank Hoffman, John Mothersole, Keerti Rajan, Mohsen Bonakdarpour and Olivier Beaufils - S&P Global
Demand for copper will double by 2035, opening up a supply gap that threatens climate goals and poses serious challenges to the Net-Zero Emissions by 2050. This demand growth during the energy transition — a pathway toward transformation of the global economy to Net-Zero Emissions by 2050 — will be particularly pronounced in the United States, China, and Europe. India will also exhibit strong copper demand growth, more from traditional copper applications than from the energy transition.
/bit.ly/3CmXKwB
US Oil Pours Into Asia as Buyers Go for Long-Range Flows; Regional refiners also take more crude from Brazil, North Sea; Persian Gulf suppliers facing greater competition from Russia
Sharon Cho - Bloomberg
The physical crude market in Asia is softening as oil from as far away as the US and Brazil flows into the world's top consuming region, boosting competition for Middle East producers.
/jlne.ws/3cdompg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse hires Deutsche's Joshi in leadership overhaul
Silke Koltrowitz - Reuters
Credit Suisse has hired Deutsche Bank's Dixit Joshi as chief financial officer and promoted Francesca McDonagh to chief operating officer as the Swiss lender's new boss overhauls the top ranks.
/jlne.ws/3PJR9PM
Credit Suisse Hires Deutsche Bank Executive as Finance Chief
Patricia Kowsmann - The Wall Street Journal
Credit Suisse Group named Deutsche Bank's group treasurer as its new financial chief, part of a broad reshuffle at the Swiss bank that is [trying to find its footing](https://www.wsj.com/articles/credit-suisse-tries-to-turn-the-pageagain-11658938083) after a series of scandals and financial losses. The new financial chief, Dixit Joshi, is replacing David Mathers, who decided to step down after more than 11 years in his role, Credit Suisse said Monday. Mr. Joshi played a key part in Deutsche Bank
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Exit Strategies to Support Equitable Recovery and Address Effects from COVID-19 Scarring in the Financial Sector
Financial Stability Board
Since the report was commissioned in late 2021, Russia's invasion of Ukraine has added substantially to thee pre-existing challenges, by causing a setback to global growth, triggering higher inflation, and adding to economic uncertainty. This exacerbates challenges for policy makers in supporting a strong, equitable and inclusive recovery, and vulnerabilities that COVID-19 support measures prevented from materialising may now come to the fore.
/jlne.ws/3ACaKgp
Brussels warns of Covid vaccination fatigue as it urges fresh drive for jabs; EU health commissioner calls for governments to prepare for outbreaks amid complacency in summer months
Sam Fleming and Donato Paolo Mancini - Financial Times
Brussels is warning of a vaccination "plateau" in the EU despite surging Covid-19 cases as it calls for member states to intensify campaigns ahead of the autumn and winter. EU health commissioner Stella Kyriakides said there was a risk that people were letting their guard down in the summer months and that health ministries need to do more to prepare for wider outbreaks despite understandable "fatigue" in populations about the pandemic.
/jlne.ws/3PHTP0v
Variant-Targeted Covid-19 Boosters Test the Promise of mRNA Technology; Moderna, Pfizer are racing to make different boosters for U.S. than the Omicron-specific shots rolling out for other countries
Peter Loftus - The Wall Street Journal
The U.K. last week became the first country to clear a modified Covid-19 vaccine targeting the Omicron variant, and other countries including Canada and Australia might soon follow. But in the U.S., modified Covid-19 booster shots are unlikely to be cleared for several more weeks because health authorities decided in late June they wanted modified vaccines to target different Omicron subvariants than those rolling out in other countries.
/jlne.ws/3QJ16ON
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Milestone Moment for Markets Is Now a Distant Memory; Second-quarter optimism has faded as investor sentiment sours; Capital markets have seen six months of foreign outflows
Sofia Horta e Costa - Bloomberg
Sentiment toward China's frayed financial markets looks to be on its last legs with rebounds that don't last, inflows that don't stick and vows of more action from Beijing that keep falling flat. For fund managers, that means facing the prospect of more losses in stocks, outflows from bonds, credit defaults and a weaker currency.
/jlne.ws/3pwQ6bv
China drought causes Yangtze to dry up, sparking shortage of hydropower; Nationwide alert issued with south-west especially badly hit, as major companies forced to suspend work
Helen Davidson - The Guardian
A record-breaking drought has caused some rivers in China - including parts of the Yangtze - to dry up, affecting hydropower, halting shipping, and forcing major companies to suspend operations. A nationwide drought alert was issued on Friday as a long-running and severe heatwave in China's heavily populated south-west was forecast to continue well into September.
/jlne.ws/3AFjiDA
African Migratory Birds Threatened By Hot, Dry Weather
Wanjohi Kabukuru, The Associated Press - Bloomberg
Africa's migratory birds are threatened by changing weather patterns in the center and east of the continent that have depleted natural water systems and caused a devastating drought. Hotter and drier conditions due to climate change make it difficult for traveling species who are losing their water sources and breeding grounds, with many now endangered or forced to alter their migration patterns entirely by settling in cooler northern areas. Roughly 10% of Africa's more than 2,000 bird species, including dozens of migratory birds, are threatened, with 28 species — such as the Madagascar fish eagle, the Taita falcon and hooded vultures — classed as "critically endangered." Over one-third of them are especially vulnerable to climate change and extreme weather, an analysis by environmental group BirdLife International said.
/jlne.ws/3ACsoRi
Germany to Prioritize Coal Trains Over Passenger Services
Vanessa Dezem - Bloomberg
Germany plans to give coal trains priority over passenger services on its rail network as it struggles with an energy crunch that's threatening the economy, the Welt am Sonntag newspaper reported, citing a draft proposal.
/jlne.ws/3T17Klb
Crude awakening: the German town on the front line of Russian sanctions; Schwedt's residents fear 'nightmare scenario' if refinery, their main source of jobs and heating, is forced to close
Guy Chazan in Schwedt - Financial Times
Stay across the latest Ukraine coverage.Join the FT's Telegram channel Ursula Patz opposes Russia's war on Ukraine. But she is also firmly against anti-Moscow sanctions that she says will imperil her town. "Sanctions that end up hurting you more make no sense," the 76-year-old said. An oil embargo "won't harm Russia — they'll just sell the oil to someone else".
/jlne.ws/3PFPOcM
Ukraine's Naftogaz backs Scholz's bid for Canadian LNG ahead of trip
Andreas Rinke - Reuters
Shortly before his two-day trip to Canada, German Chancellor Olaf Scholz received support for his interest in Canadian liquid natural gas to help replace Russian gas imports from an unexpected ally: Ukrainian state-owned gas company Naftogaz.
/jlne.ws/3T51kBx
Heat in Europe Is Driving Up Olive Oil Prices; Heatwaves and drought in Spain, the world's largest olive oil producer, are expected to hit the coming harvest
Sara Ruberg - The Wall Street Journal
Soaring temperatures in Spain this summer are expected to hit the country's olive oil production, pushing up prices and threatening to further stoke food inflation. Nearly half of the world's olive oil is produced in Spain, with the U.S. one of the country's largest export markets. Prices of most edible oils are already high after the war in Ukraine led to shortages of sunflower oil, prompting buyers to seek alternatives for use in cooking and as an ingredient in food products.
/jlne.ws/3PEXkVw
Russian Dissidents Aren't In France for the Food; Tourism in wartime needs limits. But a blanket visa ban risks hurting Putin's opponents too.
Lionel Laurent - Bloomberg
"Unbearable." That's how a member of Finland's parliament describes the sight of Russian tourists pouring across the border, stocking up on souvenirs while Vladimir Putin's army bombs Ukraine. Worse, the fact that some of the tourists travel on into the European Union's visa-free Schengen zone seems to undermine a sanctions net that's closed in on oligarch superyachts, golden passports and flights from Russia. Data from insurer Rosgosstrakh PJSC show EU destinations accounted for 25% of their online travel insurance contracts in June and July, with Spain and Italy in the top three, according to Russian Travel Digest.
/jlne.ws/3QKJZfy
Water Level Deepens at Key German Chokepoint on Rhine River; Easier for barges carrying goods to sail into the Upper Rhine; Historical data suggest Rhine crisis is not over yet
Jack Wittels - Bloomberg
The Rhine River's water level is forecast to rise even higher at a key German chokepoint following a surge over the weekend, making it easier for barges carrying vital commodities to navigate.
/jlne.ws/3ClRtBi
Kazakh Wealth Fund Readies Rare Oil IPO and Promises a Discount; KazMunayGas sale to focus on local investors, Satkaliyev said; Samruk-Kazyna CEO speaks on wealth fund's development plan
Nariman Gizitdinov - Bloomberg
Kazakhstan's sovereign wealth fund plans to sell shares in oil producer KazMunayGas at a discount to drive interest from local investors amid international uncertainty stoked by Russia's war in Ukraine.
/jlne.ws/3T4tP2a
In pictures: The West's historic drought
CNN
Much of the western United States has been experiencing a historic and unrelenting drought, the worst in the region in centuries. A study published in Nature Climate Change found the period from 2000 to 2021 was the driest in 1,200 years. Last year's drought severity was "exceptional," researchers said, and all indications are the extreme conditions will continue through 2022. The human-caused climate crisis has made the megadrought 72% worse, the study noted. On August 16, the federal government announced that starting in January the Colorado River will operate in a Tier 2 shortage condition for the first time, as the drought has taken a severe toll on the river and the nation's largest reservoirs -- Lake Mead and Lake Powell. Amid the overuse of the river and the aridification of the region, the federal government is implementing mandatory water cuts and asking states to devise a plan to save the river basin. The Tier 2 shortage means Arizona, Nevada and Mexico will have to further reduce their Colorado River use.
/jlne.ws/3QC36IC
Canada Urges Farmers to Cut Fertilizer Emissions, Prompting Backlash; Government plan is drawing fire from farmers who say it could reduce crop yields amid food shortages
Vipal Monga - The Wall Street Journal
Canada is urging farmers to reduce fertilizer emissions to curb greenhouse gases, triggering a backlash from farmers and concerns amid global food shortages. The government of Justin Trudeau is proposing a 30% reduction by 2030 from 2020 levels in emissions from fertilizer as part of a plan to reduce greenhouse gases. Some farmers say that the plan could force them to use less fertilizer and reduce crop yields, which would impair Canada's ability to ease a global food crisis triggered by the war in Ukraine.
/jlne.ws/3c6osz3
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| Miscellaneous | | Stories that don't quite fit under the other sections | Diet for a hotter climate: five plants that could help feed the world; As the planet warms, these five drought-tolerant and highly nutritious crops offer hope for greater resiliency
Cecilia Nowell - The Guardian
Over the course of human history, scientists believe that humans have cultivated more than 6,000 different plant species. But over time, farmers gravitated toward planting those with the largest yields. Today, just three crops - rice, wheat and corn - provide nearly half of the world's calories. That reliance on a small number of crops has made agriculture vulnerable to pests, plant-borne diseases and soil erosion, which thrive on monoculture - the practice of growing only one crop at a time. It has also meant losing out on the resilience other crops show in surviving drought and other natural disasters. As the impacts of the climate crisis become starker, farmers across the world are rediscovering ancient crops and developing new hybrids that might prove more hardy in the face of drought or epidemics, while also offering important nutrients.
/jlne.ws/3TjTc0f
Musk Says Tesla Raising Full Self-Driving Price to $15,000; Increase will take effect Sept. 5, Elon Musk says in a tweet
Current $12,000 price will be honored for orders before then
Martin Z Braun - Bloomberg
Tesla Inc. will start charging $15,000 for the driver-assistance features it calls Full Self-Driving, raising the price of the controversial product for the second time this year.
/jlne.ws/3Ta8STF
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