| May 02, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Intercontinental Exchange (ICE) announced robust financial results for the first quarter of 2024, showcasing significant growth across its key metrics. The company reported record net revenues of $2.3 billion, which represents a 21% increase year-over-year. This growth is underscored by strong performance in earnings with a GAAP diluted earnings per share (EPS) of $1.33, marking a 14% increase from the previous year. Adjusted diluted EPS also saw a rise to $1.48, a 5% increase.
The operating income for ICE reached a new high of $1.1 billion, reflecting a 10% year-over-year increase. Adjusted operating income was even more impressive at $1.4 billion, up 18% compared to the previous year. The operating margin for the quarter was reported at 46%, with an adjusted margin significantly higher at 59%.
Breaking down ICE's financials by segment, the Exchanges Segment was particularly strong, generating net revenues of $1.2 billion. This segment saw operating expenses of $326 million, with adjusted expenses slightly lower at $307 million. The operating income for this segment reached $897 million with an impressive operating margin of 73%. Adjusted figures show a slightly higher operating income of $916 million and a margin of 75%.
The Fixed Income and Data Services Segment also performed well, with revenues amounting to $568 million. Operating expenses for this segment were $354 million, with adjusted expenses at $309 million. The operating income stood at $214 million, resulting in an operating margin of 38%. Adjusted operating income improved to $259 million, pushing the adjusted operating margin to 46%.
In contrast, the Mortgage Technology Segment faced some challenges. It posted revenues of $499 million against operating expenses of $547 million, resulting in an operating loss of $48 million. However, adjusted figures were more positive, with adjusted operating expenses at $314 million and adjusted operating income at $185 million, translating to an adjusted operating margin of 37%.
Looking ahead, ICE provided financial guidance for the remainder of 2024. The company expects flat to low single-digit declines in its Mortgage Technology segment's revenue growth. For the full year, GAAP operating expenses are projected to range from $4.87 billion to $4.90 billion, with adjusted operating expenses estimated between $3.79 billion and $3.82 billion. For the second quarter of 2024, expected GAAP operating expenses are between $1.21 billion and $1.22 billion, with adjusted expenses forecasted to be between $945 million and $955 million. The exchange anticipates non-operating expenses for the second quarter to range from $225 million to $230 million on a GAAP basis and from $205 million to $210 million on an adjusted basis.
CME Group reported a significant performance for April 2024, with a record-setting average daily volume (ADV) of 26.5 million contracts, marking a 33% increase from the previous year. This growth was observed across all asset classes, including new April ADV records in interest rates, equity indexes, metals, foreign exchange, and options. Notably, U.S. Treasury options and metals options reached all-time monthly ADV records, alongside substantial rises in copper futures and silver options.
Key ADV increases included a 37% rise in interest rates, with notable growth in 10-Year and 5-Year U.S. Treasury Note futures. Equity Index ADV rose by 36%, driven by significant gains in E-mini S&P 500 and Micro E-mini Nasdaq 100 futures. The options segment saw a 33% increase, with equity index options up by 76%. Energy and agricultural segments also reported gains, with energy options and soybean oil futures seeing considerable increases.
Internationally, ADV grew by 43%, with significant contributions from EMEA, Latin America, and Asia. Micro E-mini Equity Index futures and options represented a significant portion of overall Equity Index ADV, and Micro WTI Crude Oil futures accounted for a notable percentage of the overall Energy ADV. Additionally, BrokerTec U.S. Treasury and U.S. Repo ADNV showed increases, and EBS Spot FX ADNV rose by 16%. The customer average collateral balances for Q1 2024 also reported substantial figures for both cash and non-cash collateral.
The Options Clearing Corporation (OCC) reported significant increases in trading volume for April 2024 across various segments. Equity options saw a 27.7% rise from the previous year, totaling 490,980,112 contracts compared to 384,604,951 in April 2023. ETF options also experienced a substantial growth of 40%, with volumes rising from 308,942,605 to 432,600,457 contracts. Index options had an impressive 44% increase, with the volume rising from 67,261,317 to 96,856,178 contracts. Overall, the total options volume for April 2024 reached 1,020,436,747, marking a 34.1% increase from 760,808,873 in the previous year.
Futures trading saw the most dramatic growth, surging 92.4% to 6,807,771 contracts, up from 3,538,461. Combining options and futures, the total trading volume for the OCC in April 2024 was 1,027,244,518, representing a 34.4% increase from 764,347,334 in April 2023. Year-to-date average daily volume (ADV) also saw increases across the board, with the total volume rising by 5.7% from the previous year.
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam has appointed Dr. Ted Kaouk as the agency's inaugural chief artificial intelligence officer. Dr. Kaouk, who is currently the CFTC's chief data officer and director of the Division of Data, will now also lead the development and implementation of the CFTC's comprehensive data and artificial intelligence strategy. This initiative aims to enhance the CFTC's capabilities in oversight, surveillance, and enforcement within the derivatives markets. Prior to his tenure at the CFTC, Dr. Kaouk held significant roles at the Office of Personnel Management and the U.S. Department of Agriculture, where he developed and implemented data strategies and AI platforms to improve government operations and decision-making. He also served as the first chair of the Federal Chief Data Officers Council from 2020 to January 2024.
Today's Financial Times Special Report on Risk Management for Financial Institutions highlights several escalating challenges in the sector. Cyber risk is on the rise, with new U.S. regulations requiring the disclosure of data breaches, increasing pressure on information security chiefs and necessitating the use of advanced AI technologies to counteract sophisticated cybercriminals. Additionally, the ongoing conflict in Ukraine and the tightening of U.S. sanctions on Russia have heightened political risks, adding compliance burdens for banks. The liquidity squeeze in bond markets due to rising interest rates has prompted regulators to implement new rules to mitigate these risks. Recent financial crises, such as the collapses of Credit Suisse and Silicon Valley Bank, have underscored the critical need for effective crisis management frameworks. Moreover, as banks move data and systems into the cloud, they face new security challenges, opening additional avenues for cyberattacks. This complex blend of technological, regulatory, and geopolitical challenges drives the need for robust risk management and innovative strategies within financial institutions.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Options Industry Conference's Post (Video) from LinkedIn.
- Bank of America Sounds Warning on Options-ETF Boom as Day Traders Plunge In from Bloomberg.
- Should You Invest in Volatility ETFs? from ETF.com. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Deutsche Borse executive Thomas Book discusses three-year plan, megatrends, digital assets and more at FIA Conference
JohnLothianNews.com
Thomas Book, a member of Deutsche Borse's executive board responsible for trading and clearing, spoke with JLN at the FIA Boca Futures Industry Conference in March about Deutsche Bourse's goals for 2026, how it plans to differentiate itself in the digital asset market, and more, as part of JLN's Industry Leaders series sponsored by Wedbush.
Watch the video »
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US cattle prices drop as traders fear bird flu outbreak could knock demand; Agriculture department has banned infected cattle from crossing state borders
Susannah Savage - Financial Times
Cattle prices have tumbled as the US government steps up measures to contain the spread of a bird flu outbreak among the country's cow herd. The US Department of Agriculture at the start of this week banned infected cattle from crossing state borders and said it would test ground beef for bird flu particles, as the UN's World Health Organization expressed concern about the virus's potential to spread outside of the US. Highly pathogenic avian influenza, or HPAI, has been found in dairy herds across nine states, including Texas, where one dairy worker has also tested positive for the virus. Viral fragments have also been found in the country's milk supply.
/jlne.ws/44lcpVb
****** I think I have seen this show before.~JJL
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Wednesday's Top Three
Our top clicked item on Wednesday was the slide John Lothian tweeted from the OIC conference presentation by Cboe's Henry Schwartz showing volume by exchange group and exchanges. Second was Bank of America Sounds Warning on Options-ETF Boom as Day Traders Plunge In, from Bloomberg. Third was the short video from the Options Industry Conference showing some of the highlights of day one, published on LinkedIn.
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| Lead Stories | The State of Crypto Is Anything But Strong; Industry boosters say they've learned their lessons from the last crash, but regulators need to move faster to protect a new wave of mainstream investors from the same old story.
Molly White - Bloomberg
After more than a year, the freeze of a deep crypto winter has thawed. Bitcoin prices have surged to new heights, venture capital firms are raising funds to invest in cryptocurrency startups, and gloating crypto bros are back to mocking skeptics with the words "have fun staying poor." Once again, the people pouring millions of dollars into memecoins that depict dogs in knit hats or drooling cartoon sloths are being described as the smart money. When the developer of the sloth coin, Slerf, accidentally destroyed $10 million of the funds he'd raised from early buyers, the attention only fueled a massive spike in trading volume-$2.7 billion worth in 24 hours.
/jlne.ws/4dmKtEk
NYSE-parent ICE's profit rises on record surge in energy market volatility
Reuters
Intercontinental Exchange reported a rise in adjusted profit for the first quarter on Thursday as volumes hit a record on surge in energy markets trading. The conflict in the Middle East has resulted in a reshaping of the global commodities and energy markets, significantly raising volatility as investors assess the impact of shifting supply chains.
/jlne.ws/3WlfIJN
U.S. Financial Markets Regulator Names First Chief Artificial Intelligence Officer; Commodity Futures Trading Commission has promoted Ted Kaouk to the chief data and artificial intelligence officer role
Mengqi Sun - The Wall Street Journal
The Commodity Futures Trading Commission has named its first chief artificial intelligence officer, responding to the Biden administration's push to govern the use of AI across the federal government. The derivatives markets regulator has named Ted Kaouk, who currently serves as its chief data officer and director of its data division, to the role. Kaouk will help develop the agency's strategy to oversee and enforce the financial markets.
/jlne.ws/3QrQvd6
The Treasurys Market Is Getting Squeezed From All Sides; Inflation and deficits are lifting yields and jarring the stock market
David Uberti - The Wall Street Journal
Pressure keeps building in the bond market. Stickier-than-expected inflation this year has boosted yields on U.S. debt enough to dent the stock-market rally. Soaring spending by Washington shows few signs of slowing. And the latest plan to finance it all promises a flood of Treasurys in the coming months that will need to find buyers. Those factors are forcing investors to ditch some of their optimism from early this year and reopen their playbooks for a world of higher yields. With the Federal Reserve on Wednesday signaling it has the stomach to keep interest rates elevated to tame price pressures, many worry the pain will continue for some time.
/jlne.ws/3Wphbih
Special Report: Risk Management: Financial Institutions
Financial Times
Cyber risk takes on a new dimension as regulators hold employees responsible and hackers deploy the latest AI; political risk heightens for banks imposing sanctions on Russia; and liquidity risk prompts new rules in US bond markets
/jlne.ws/4aZnJc2
Cyber risk is increasing ... and this time it's personal
Financial Times
New US rules around the disclosure of data breaches are heaping more pressure on information security chiefs
/jlne.ws/3QwV4mj
Banks face new risks as US tightens sanctions on Russia
Financial Times
Ukraine conflict shows no sign of abating - and financial institutions are being expected to implement the response
/jlne.ws/3MrrD3v
Bond market liquidity squeeze keeps regulators alert to risks
Financial Times
Market stress during the period of rising interest rates has prompted more scrutiny - and new rules
/jlne.ws/3JHEqww
Why cyber risk managers need to fight AI with AI
Financial Times
Banks are struggling to keep up with criminals who have access to the latest generative artificial intelligence software
/jlne.ws/4aXSxKh
Crisis management: the last line of defence
Financial Times
The collapses of Credit Suisse and Silicon Valley Bank demonstrate the folly of not having a well-rehearsed response framework
/jlne.ws/49Xprtb
Banks moving into the cloud prompt forecasts of security risk
Financial Times
Migrating data and computer systems to remote servers gives hackers new ways to attack
/jlne.ws/3Ugz6oM
US House Democrats accuse Big Oil of climate change 'denial and doublespeak'; Three-year congressional investigation unearths internal industry documents
Aime Williams - Financial Times
The world's largest oil groups were accused of "denial, disinformation and doublespeak" at a US Congressional hearing, after an investigation showed they had privately acknowledged for decades that burning fossil fuels causes climate change. The findings followed a three-year probe that unearthed internal documents from the major energy companies with evidence of concerted campaigns "to confuse and mislead the public while working unceasingly to lock down a fossil fuel future", said Jamie Raskin, the top Democrat on the House Oversight committee in the report.
/jlne.ws/4bfDiMi
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | US imposes sanctions on more than a dozen companies in China for support of Russia's war in Ukraine
Jennifer Hansler and Samantha Waldenberg - CNN
The United States imposed sanctions on more than a dozen companies in China and Hong Kong for their support of Russia's war in Ukraine as part of a tranche of nearly 300 new sanctions unveiled Wednesday. The move comes after repeated warnings from top US officials, including Treasury Secretary Janet Yellen and Secretary of State Antony Blinken, to top Chinese officials that they must crack down on China's provision of dual-use items to Russia that the US says are being used to strengthen its military in the war against Ukraine.
/jlne.ws/44rjGTf
US says Russia used choking agents against Ukrainian troops, breaching chemical weapons ban
Jessie Yeung and Brad Lendon - CNN
The United States has formally accused Russia of using chemical weapons "as a method of warfare" against Ukraine and imposed sweeping new sanctions on Russian firms and government bodies. In a statement on Wednesday, the US State Department said it had "made a determination ... that Russia has used the chemical weapon chloropicrin against Ukrainian forces in violation of the Chemical Weapons Convention (CWC)."
/jlne.ws/3Uqx9WH
Russia may not start an all-out war with NATO, but already has plans to destroy it from within
Tom Porter - Business Insider
The era of relative peace and prosperity the West has enjoyed since the end of World War II may fast be coming to an end. In March, Poland's Prime Minister, Donald Tusk, said Europe was in a "pre-war" era and that Russia must not defeat Ukraine for the security of the continent. "I don't want to scare anyone, but war is no longer a concept from the past," Tusk said in an interview with several European media outlets. "It is real. In fact, it already started more than two years ago," referencing the Russian invasion of Ukraine.
/jlne.ws/3Wk8eXH
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US nears completion of $320mn floating pier for Gaza aid; Project aims to get around Israeli politics and bureaucracy that prevents goods reaching besieged strip
Mehul Srivastava and Jana Tauschinski, Neri Zilber, and Felicia Schwartz - Financial Times
The US military is nearing completion of a $320mn floating pier off Gaza, a complex project to allow seaborne humanitarian aid into the besieged enclave. Hundreds of US troops have spent weeks building the structure, aimed at easing the dire humanitarian crisis in the strip, to which reliable access by land has been disrupted by the war.
/jlne.ws/4bjLn2z
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Reports Record April ADV of 26.5 Million Contracts, with Double-Digit Growth Across All Asset Classes
CME Group
CME Group, the world's leading derivatives marketplace, today reported its April 2024 market statistics set a new average daily volume (ADV) record of 26.5 million contracts for the month, up 33% from April 2023, with double-digit growth across all asset classes. Additionally, interest rate, equity index, foreign exchange and options products set new April ADV records. Metals also reached a new April ADV record, including monthly records for metals options, copper futures and options, and silver options. U.S. Treasury options also reached an all-time monthly ADV record. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3WoyaBn
CME Group Reaches New Milestones in Aluminum Futures as New Clients Double
CME Group
CME Group, the world's leading derivatives marketplace, today announced that the number of market participants trading Aluminum futures has doubled since last year, reaching 406 unique accounts in April, while ADV was up 70% year-over-year, and average daily open interest increased 11%.
/jlne.ws/3WkaNZP
Intercontinental Exchange Approves Second Quarter Dividend of $0.45 per Share
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, announced today a $0.45 per share dividend for the second quarter of 2024, which is up 7% from the $0.42 per share dividend paid in the second quarter of 2023. The cash dividend is payable on June 28, 2024 to stockholders of record as of June 13, 2024. The ex-dividend date is June 13, 2024.
/jlne.ws/3JIwknj
Intercontinental Exchange Reports Strong First Quarter 2024
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the first quarter of 2024. For the quarter ended March 31, 2024, consolidated net income attributable to ICE was $767 million on $2.3 billion of consolidated revenues, less transaction-based expenses. First quarter GAAP diluted EPS were $1.33. Adjusted net income attributable to ICE was $852 million in the first quarter and adjusted diluted EPS were $1.48. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.
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OCC Reports April Monthly Volume
OCC Public Relations
/jlne.ws/4b1doMw
Spot market sales statistics for April 2024
Deutsche Boerse Group
A trading volume of euro 119.45 billion was achieved on Deutsche Boerse's cash markets in April (previous year: eur 85.62 billion / previous month: eur 121.13 billion). Of this, eur 115.82 billion was accounted for by Xetra (previous year: eur 83.18 billion / previous month: eur 117.16 billion), meaning the average daily Xetra turnover was eur 5.52 billion (previous year: eur 4.62). eur billion / previous month: eur 5.86 billion). At the Frankfurt Stock Exchange, turnover amounted to eur 3.63 billion (previous year: eur 2.44 billion / previous month: eur 3.97 billion).
/jlne.ws/4a14Gg3
Adoption of 2021 ISDA Interest Rate Derivatives Definitions - V11 published by the International Swaps and Derivatives Association, Inc. ("ISDA") by OTC Clearing Hong Kong Limited ("OTC Clear")
Hong Kong Exchange
Please be advised that effective from 26 Apr 2024 (the "Effective Date"), OTC Clear will adopt in its entirety Version 11 of the Main Book of the 2021 ISDA Interest Rate Derivatives Definitions as published by ISDA on 26 Apr 2024 (the "New Version") for the purposes of interpreting or implementing the Contract Terms of each Contract registered with OTC Clear irrespective of its Registration Time.
/jlne.ws/3JHCsME
SIX Celebrates Ten Years of Repo Trading
SIX
For 10 years, SIX has been supporting the international repo market by providing efficient, secure and simple repo trading services. Having reached this important milestone, the company reflects on some of its biggest achievements, and looks at what the future may hold for the market. Laying down the Foundations. In 2014, SIX established its repo trading platform aimed at supporting the Swiss money market and its fully integrated value chain. Not only did the repo trading platform underpin activities like liquidity management, but it was also used by the Swiss National Bank (SNB) to implement its monetary policy operations, auctions of federal bonds and money market book claims, succeeding a previous platform offered by a former SIX joint venture.
/jlne.ws/49Xpmpn
NMB Bank brings East Africa's first sustainability bond to LuxSE
Luxembourg Stock Exchange
During an official visit by NMB Bank Plc representatives to the Luxembourg Stock Exchange (LuxSE) last Friday, the two institutions celebrated the listing of the Tanzania-based bank's dual-currency sustainability bond on LuxSE. Known as the NMB Jamii bond, meaning "community" in Swahili, the bond aims to deliver positive environmental and social impacts to the communities that customers, employees, shareholders, and all stakeholders of the bank live in. The Jamii bond is displayed on the Luxembourg Green Exchange (LGX), the world's leading platform for sustainable securities.
/jlne.ws/44ts2K3
Product modification Summary: Decrease of the Minimum Price Increment of the Mexican Funding TIIE (Monthly Contracts) Futures Contract - Effective June 17, 2024
CME Group
Decrease of the Minimum Price Increment of the Mexican Funding TIIE (Monthly Contracts) Futures Contract.
/jlne.ws/3woF1Qz
Notice of Trading Halt, etc. Concerning "NEXT FUNDS Russian Equity Index Exchange Traded Fund(1324)"
Japan Exchange Group
With regard to the ETF "NEXT FUNDS Russian Equity Index Exchange Traded Fund (Securities Code: 1324)" listed on the Tokyo Stock Exchange, TSE issued an alert on Thursday, March 7 this year* . However, due to the difficulty in trading Russian stocks, the management company of the ETF has been suspending applications for creation and redemption of the ETF for a long period of time. As a result, it is expected that the situation in which the market price of the ETF tends to differ from NAV over a considerable long period of time will not be resolved.
/jlne.ws/3VoSAXd
Updates To LME Group Fees And Charges 2024
London Metal Exchange
Summary. 1. This Notice sets out updates to the fees and charges for LME and LME Clear(together the "LME Group"). Defined Terms 2. Capitalised terms not otherwise defined in this Notice shall have the meaning ascribed to them in the LME Rulebook.
/jlne.ws/3vimcfa
Margin changes
Taiwan Futures Exchange
The Taiwan Futures Exchange (TAIFEX) has announced the margin changed of TX, MTX, MXFFX, TE, ZEF, G2F, E4F, NYF, TXO, TEO and NYO. The margins will be effective after the close of the regular trading session on 2024/05/03
/jlne.ws/3UF5NxB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The insect farmers turning to AI to help lower costs
MaryLou Costa - BBC
Felix Collins hopes that AI will enable him to farm insects more efficiently Felix Collins' job would not be suitable for anyone who is squeamish about insects. The founder and boss of a company called Full Circle Biotechnology, he is in charge of 20 million black soldier fly larvae. Based at a small, indoor facility on the outskirts of Bangkok, the firm rears the insects to produce animal feed for the country's shrimp and pig farms. The larvae, which live in a dark, warm and humid environment, feed on fruit and vegetable waste sourced from food and drink manufacturers, before being harvested and combined with probiotic bacteria and mushrooms.
/jlne.ws/3y9niNy
The AI-Generated Population Is Here, and They're Ready to Work; AI that can predict how specific humans will look, act and feel could do the jobs of fashion models, focus group members and clinical trial participants
Isabelle Bousquette - The Wall Street Journal
Artificial intelligence is making it possible for companies to replace humans in tasks that range from modeling sweaters to participating in clinical trials. AI systems can take in data on a person's individual characteristics-such as looks, shopping preferences and health profile-then predict how they would look in an item of clothing, how they would answer a question or be affected by a disease. This AI content, sometimes referred to as a person's digital twin, is already being used for a range of tasks.
/jlne.ws/3Qp6IzC
Appital Insights completes integration with FactSet Portware EMS; Full integration will allow FactSet Portware buy-side clients to access liquidity from Appital Insights directly via their EMS.
Wesley Bray - The Trade
Appital Insights is now fully integrated with FactSet's Portware execution management system (EMS), enabling the latter's asset management clients to access Appital Insights liquidity easily within their EMS. FactSet Portware EMS has also made a new functionality available, 'Live Watchlist', allowing buy-side institutions to assess the viability of executing larger ADV orders without alerting the market.
/jlne.ws/4b4Ixif
DTCC connects Saphyre's trade solution to ALERT platform; Tie-up aims to increase transparency and efficiency in the institutional trading market ahead of T+1 go-live later this month.
Chris Lemmon - The Trade
The Depository Trust and Clearing Corporation (DTCC) is collaborating with Saphyre to provide a combined solution to support clients with the T+1 settlement requirements. As part of the tie-up, Saphyre's Ready-To-Trade solution will be linked with data from DTCC's ALERT with a view to increasing transparency and efficiency in the institutional trading market.
/jlne.ws/4a18NZx
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| Cybersecurity | | Top stories for cybersecurity | 95% of organizations adjusted cybersecurity strategies this past year
Security Staff - Security
A report from LogRhythm takes a closer look at the evolving digital landscape, revealing that within the last 12 months, 95% percent of organizations reported altering cybersecurity strategies in place. The research included a global survey, in which 1,176 security leaders and professionals across five continents responded. Key explorations of the report include budget allocation, available resources, preparedness and accountability for breaches, reporting abilities and the effectiveness of security communication.
/jlne.ws/3UrkEKR
Women rising in cybersecurity roles, but roadblocks remain
Help Net Security
The ISC2 study on women in cybersecurity, a comprehensive research effort that collected responses from 2,400 women, has revealed several significant findings. These include promising trends in women's entry into the profession, their roles within teams, and their comparable achievements with men. However, the study also underscores the need for continued efforts to support and promote women in the cybersecurity workforce.
/jlne.ws/3JH2D5Y
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| Cryptocurrencies | | Top stories for cryptocurrencies | BlackRock's Bitcoin ETF Posts First Day of Outflows, Leading Record $563M Exit From U.S. Spot Products
Omkar Godbole - CoinDesk
Investors dumped U.S.-based spot bitcoin {{BTC}} exchange-traded funds (ETFs) at the fastest pace ever on Wednesday, even as Federal Reserve (Fed) chairman Jerome Powell dismissed the prospect of a rate hike. The 11 ETFs saw a cumulative net outflow of $563.7 million, the largest since the funds began trading on January 11, extending a five-day losing streak, according to data source Farside Investors and CoinGlass. Investors have pulled out nearly $1.2 billion from the ETFs since April 24. Also notable Wednesday were the first-ever outflows from BlackRock's iShares Bitcoin Trust (IBIT), which saw $36.9 million exiting the fund.
/jlne.ws/3UFnKfw
The Crypto Bros Are Back-and They Have a Dangerous Political Goal
Nitish Pahwa - Slate (opinion)
After the spectacular fall of FTX CEO Sam Bankman-Fried, you might have expected the embattled cryptocurrency sector, and its sophisticated lobbying operations, to have ground to a halt. But if anything, both are back with a vengeance-and the regulatory post-SBF crackdown that followed has spurred the sector to potentially become a major political force in 2024. A new, unholy alliance has emerged on Capitol Hill, and it's hoping not just to recraft governmental policy around digital funny money but to push its antiregulatory agenda across a whole host of elections. To do so, the crypto industry is teaming up with the people behind the latest megahyped, bubblicious tech trend: the artificial intelligence boom.
/jlne.ws/4dobJST
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| Politics | | An overview of politics as it relates to the financial markets | US, Europe Fear of China's Dominance Threatens Climate Fight, Says Xi's Envoy; Veteran diplomat Liu Zhenmin is leading the charge as the biggest polluter seeks to peak emissions by the end of this decade.
Bloomberg News
Efforts by the US and Europe to stem China's dominance in green technologies risk stalling the fight against global warming, according to the veteran diplomat tasked by Xi Jinping to represent the top polluter on climate issues. Liu Zhenmin, appointed in January as Xi's Special Envoy for Climate Change, this month heads for his first in-person meetings in the US since taking the role. Those talks come at a crucial juncture for international cooperation - with skepticism about pledges to phase out fossil fuels, continued wrangling over funding for developing nations, and rising trade protectionism targeted at clean energy supply chains.
/jlne.ws/3Wo0Jiv
Ken Griffin Funds Push Against Lawmaker Behind McCarthy Ouster; Billionaire Paul Singer also funds group targeting Bob Good; Good was one of eight Republicans who voted to remove McCarthy
Michael Smith (News Fl) and Bill Allison - Bloomberg
Citadel's Ken Griffin is funding a push to defeat one of the conservatives behind former House Speaker Kevin McCarthy's ouster in a bid to reshape a deeply divided Republican party. American Patriots PAC, a super PAC also funded by Elliott Investment Management's Paul Singer, released an ad Tuesday supporting a primary challenger to House Freedom Caucus Chairman Bob Good. The ad supports John McGuire, a former Navy SEAL, who will face Good in a primary election next month.
/jlne.ws/4a4VTtF
Analysis-Russia can't match a Western asset seizure, but it can inflict pain
Alexander Marrow - Reuters
Russia's ability to mete out like-for-like retaliation if Western leaders seize its frozen assets has been eroded by dwindling foreign investment, but officials and economists say there are still ways it can strike back. The United States wants to seize immobilised Russian reserves - around $300 billion globally - and hand them to Ukraine, while EU leaders favour ringfencing profits from the assets, estimating they will total 15-20 billion euros by 2027.
/jlne.ws/4dmDj2U
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| Regulation & Enforcement | | Stories about regulation and the law. | Hong Kong launches insider trading prosecution of Segantii Capital; Regulator brings criminal proceedings against hedge fund, its founder Simon Sadler and former trader Daniel LaRocca
Ortenca Aliaj in London and Chan Ho-him - Financial Times
Hong Kong's financial regulator has launched criminal proceedings in an insider dealing case against hedge fund Segantii Capital Management and its founder and director, Blackpool Football Club owner Simon Sadler. The Chinese territory's Securities and Futures Commission said on Thursday it had also started proceedings against former Segantii trader Daniel LaRocca.
/jlne.ws/3wetBit
"AI Day" Agenda Announced for May 2 CFTC Technology Advisory Committee Meeting
CFTC
Commissioner Christy Goldsmith Romero, sponsor of the Commodity Futures Trading Commission's Technology Advisory Committee (TAC), announced the agenda for "AI Day." AI Day will be held at the CFTC's Washington, D.C. headquarters on May 2, 2024, during a meeting of the TAC from 1:00 p.m. to 4:30 p.m. (EDT). The public is invited to come in person or watch the meeting via live webcast at CFTC.gov. This continues the TAC's ongoing work to advise the Commission on the complex issues surrounding AI in financial services that are at the intersection of technology, law, and policy.
/jlne.ws/3wirwSu
Chairman Behnam Designates Ted Kaouk as the CFTC's First Chief Artificial Intelligence Officer
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the designation of Dr. Ted Kaouk as the agency's first Chief Artificial Intelligence Officer. Dr. Kaouk currently serves as the CFTC's Chief Data Officer and Director of the Division of Data. In this newly expanded role as the CFTC's Chief Data & Artificial Intelligence Officer, Dr. Kaouk will be responsible for leading the development of the CFTC's enterprise data and artificial intelligence strategy to further integrate CFTC's ongoing efforts to advance its data-driven capabilities.
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Daniel E. Levin; SEC Obtains Monetary Judgment Against Unregistered Broker
U.S. Securities and Exchange Commission
Securities and Exchange Commission v. Levin, Civil Action No. 22-cv-01025 (N.D. Tx. filed May 9, 2023)
On April 30, 2024, the United States District Court for the Northern District of Texas granted the Securities and Exchange Commission's request for monetary remedies against Daniel E. Levin. According to the SEC's complaint filed on May 9, 2023, Levin solicited investors to purchase approximately $2.6 million worth of units in a fund he controlled, the CRP Fund, which in turn owned units in funds run by GPB Capital. Levin allegedly violated the requirements of the broker-dealer registration provisions by soliciting those funds from at least 27 investors from 2017 through 2018, without being registered with the SEC as a broker, as he was required to do.
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Greenwashing: A view from the regulator; Keynote speech by ASIC Chair Joe Longo at the RIAA Conference Australia, 2 May 2024.
ASIC
In 2002, the word 'greenwashing' was first added to the Oxford English dictionary.[1] This would suggest it's a relatively recent development - but it's not. Many trace the word back to the 1980s[2] - indeed the Oxford English dictionary itself cites its earliest appearance as being in 1987[3] - but it's not the word, it's the concept that I want to talk about today.= And what is that concept? In simple terms, ASIC considers greenwashing to be 'the practice of misrepresenting the extent to which a financial product or investment strategy is environmentally friendly, sustainable or ethical.'
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Scam alert: Scammers are changing the way they impersonate financial services businesses in sophisticated bond and term deposit scams
ASIC
ASIC is warning consumers about an increase in the sophistication of fake bond and term deposit scams where scammers are impersonating little-known legitimate financial services businesses, often those without a website or digital footprint. Scammers are mirroring real businesses' disclosure documents, addresses, International Securities Identification Numbers (ISINs), Australian business numbers (ABNs) and Australian financial services (AFS) license numbers, as well as imitating investment maturity dates, coupons and credit ratings.
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"Cold Calling" - Investors Alert
FSA Japan
Today, so-called "Cold Calling," a fraudulent practice aimed at soliciting investors, is conducted all over the world. "Cold-calling" is a practice where by an entity disguises itself as a brokerage firm or an asset management firm and approaches potential investors via non face-to-face channels, such as by phone, fax, and emails, in order to solicit investment in securities or financial products. Typically, a "cold caller" makes unsolicited calls to potential investors, cajoles them into deciding to purchase certain securities, and then, becomes unavailable for contact after the investor sends the money for that purchase. As a result, the investors cannot obtain the securities although they made the payment, and they also cannot get back the money they paid. Investors need to be more careful and vigilant, as cold callers have been using more varied and more sophisticated tactics. (For example, some cold callers execute transactions properly and make profits for investors at first. Then, they solicit bigger transaction and make the investors transfer the money for it. After that, the cold callers disappear.)
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SFC commences insider dealing prosecution against Segantii Capital Management and its chief investment officer
SFC Hong Kong
The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3). No plea was taken when the defendants appeared at the Eastern Magistrates' Court this morning and the case was adjourned to 12 June 2024.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | FROM OIC: Buy-Side Perspective on Options
Editorial Staff - Traders Magazine
Investment managers have always been the holy grail for options brokers, exchanges and technology providers, as one multi-billion-dollar institution that buys and sells puts and calls can generate more volume than hundreds of retail traders. The institutional perspective was in focus Wednesday afternoon at the Options Industry Conference in Asheville, North Carolina, in a panel entitled "Behind the Curtain: A Buy Side Conversation". Panel moderator Joe Lewis, Head of Corporate Hedging & FX Solutions at Jefferies, opened the discussion with a question about innovation in buy-side use cases in options.
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What We Got Right in Preparing for Retirement; We thought a lot about what we would do once we quit our jobs, and that has made all the difference. But we didn't anticipate everything.
Stephen Kreider Yoder and Karen Kreider Yoder - The Wall Street Journal
The first couple of years in retirement are often the most difficult. But they also can set the stage for how you'll fill the years ahead-both financially and psychologically. Stephen Kreider Yoder, 66, a longtime Wall Street Journal editor, joined his wife, Karen Kreider Yoder, 67, in retirement in late 2022. In this monthly Retirement Rookies column, they chronicle some of the issues they are dealing with early in retirement.
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Reclassifying Cannabis Still Leaves Pot Stocks in Limbo; Marijuana may soon be considered a less dangerous drug, but it is a long way from being treated like alcohol or tobacco
Carol Ryan - The Wall Street Journal
Soon, cannabis might no longer be lumped in with heavy-duty drugs such as heroin in America's classification of controlled substances. But most of the problems that have made pot stocks a lousy investment will stick around. Cannabis stocks jumped Tuesday afternoon on reports that the Biden administration will relabel it as a less dangerous drug. The AdvisorShares Pure US Cannabis ETF MSOS, an exchange-traded fund that tracks a basket of American growers such as Green Thumb Industries and Trulieve, gained 25%. Marijuana could change from being a Schedule I substance, alongside heroin, to a Schedule III substance such as codeine and testosterone. Crucially, though, this wouldn't lift the federal ban on marijuana.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Actively Managed Funds 'Bleed' Client Cash in ESG Upheaval; Morningstar analysis shows passive strategies gain ground fast; ESG has tended to be seen as best-suited to active investing
Frances Schwartzkopff - Bloomberg
A long-held truism of ESG is being challenged, namely the idea that the strategy is best-suited to active fund management. For 11 of the past 12 quarters, clients have redeemed cash from actively managed funds registered as "promoting" environmental, social and governance goals, otherwise known as Article 8 under European Union regulations. The data, provided by Morningstar Inc., indicates a recalibration is underway in an investing form that from the get-go was supposed to favor the active selection and de-selection of assets.
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Big Shell investors urge others to back greater climate action; The shareholders say meeting the Paris Agreement goals is 'essential to preserve the health of the global economy'
Attracta Mooney - Financial Times
Big investors in Shell, including Amundi and Axa Investment Managers, have urged the fossil fuel producer's other shareholders to send a "strong signal" to the oil and gas industry by backing their resolution seeking greater climate action. The 27 shareholders, who collectively own about 2.5 per cent of Shell, have filed a resolution ahead of this month's annual meeting that calls on the company to align its "medium-term" greenhouse gas emissions target with the Paris Agreement on limiting global warming. Global emissions must fall by almost half by 2030 for those targets to be met.
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'Too little, too late': G7 nations agree to phase out unabated coal by 2035
Sidhi Mittal - edie
The G7 countries have declared a commitment to eliminate unabated coal-fired power plants by 2035. However, the agreement allows nations to continue using coal for electricity generation provided that the power plants are equipped with carbon capture technology to prevent emissions from being released into the atmosphere. The G7 nations have committed to contribute to a worldwide shift away from fossil fuels in energy systems. After a series of discussions in Turin, Italy, the G7 forum consisting of Canada, France, Germany, Italy, Japan, the UK and the US, have agreed on new commitments and programmes to follow-up on the goals agreed at the UN COP28 to address the climate crisis.
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IEA: Only a fifth of major cities worldwide have set net zero targets
Michael Holderclock - BusinessGreen
Urban demand for energy, resources, and land is set to surge worldwide in the coming decades as city populations continue to rapidly expand, and yet only a fraction of the world's cities have developed targets and strategies to transition towards net zero emissions. That is the stark warning set out in a major new report produced by the International Energy Agency (IEA) for the G7, which argues that reducing emissions in cities is "essential" for the world to meet its energy and climate goals. It adds that digital solutions that can manage energy consumption patterns and optimise urban infrastructure can play a significant role in slashing emissions from cities.
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EU, ISSB agree on minimising overlaps in company climate disclosures
Huw Jones - Reuters
The European Union and a global standard setter agreed joint guidance on Thursday to minimise costly overlaps for international companies that must comply with two sets of disclosures on how climate change affects their business. Authorities worldwide are introducing stricter climate-related disclosures for companies, replacing a patchwork of voluntary private-sector norms, to crack down on greenwashing, or inflating green credentials to attract investors.
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The dark side of Oman's night-time bioluminescence; 'Sea sparkle' bedazzles in the dark but is responsible for a reeking green carpet of algae by day
Chloe Cornish - Financial Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan says its Russia assets may be seized after lawsuits in Russia, US
Nupur Anand - Reuters
JPMorgan Chase said in a filing on Wednesday that its assets in Russia may be seized after lawsuits in Russian and U.S. courts. The bank faces several legal challenges over its Russian dealings after the U.S. and European nations imposed economic sanctions on Russia in response to its invasion of Ukraine. The value of claims and orders to freeze assets exceeds JPMorgan's available assets in Russia, the largest U.S. lender said. JPMorgan Chase did not specify the amount of its assets in Russia. A Russian court last month ordered the seizure of funds in JPMorgan accounts after Russian state-owned bank VTB sued to regain its funds blocked abroad.
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Ex-SocGen Trader Says He Was Fired After Bank Failed to Detect His Bets; Kataria blames bank's lapse in risk controls for his dismissal; A pair of SocGen Delta One traders in Hong Kong left last year
Ambereen Choudhury, Donal Griffin, and Alexandre Rajbhandari - Bloomberg
A former Hong Kong-based Societe Generale SA trader claimed he was fired and said the French lender should share the blame for failing to detect his wagers. Kavish Kataria, who left last year after SocGen discovered a batch of risky bets that officials had previously failed to pick up, said the profits and losses on his trades were reported on a daily basis to his higher-ups in Hong Kong as well as in Paris, while a daily email about the trades was also sent to the entire group.
/jlne.ws/3UoDQbV
SocGen trader fired for 'unauthorised' bets blames 'risk team and bosses'; Kavish Kataria complains of losing his bonuses and claims his options trades made money
Sarah White - Financial Times
A Societe Generale trader dismissed over unauthorised risky bets has hit out at the French bank, saying the "entire risk team and other bosses" were equally responsible and complaining his bonus had been withheld. Kavish Kataria wrote on LinkedIn on Thursday that he was being made a "scapegoat" and said all his trades were correctly recorded and visible to his superiors in Hong Kong and Paris.
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Why Banks These Days Are So Excited About Being Boring; A year after SVB's failure, regional lenders have embraced stodginess as a virtue.
Bre Bradham - Bloomberg
In March, PNC Financial Services Group Inc. introduced TV ads and plastered signs across its branches arguing that it's "brilliantly boring." On an April conference call, Fifth Third Bancorp Chief Executive Officer Tim Spence boasted that the lender's results were "boring." And on April 25, Frank Namdar, chief credit officer of Columbia Banking System Inc., described his property loan portfolio as "really quite boring, which somebody like me loves to see." A year ago, as regional lenders found themselves thrust into the public spotlight, banking was anything but tedious. For an industry underpinned by trust-the belief that customers' deposits will be safe-the rapid implosion of Silicon Valley Bank and two other large regional institutions offered a heart-stopping glimpse of a less-than-boring financial sector.
/jlne.ws/4dpZu8g
Janus Henderson buys National Bank of Kuwait's alternative investment business in Mideast foray
Hadeel Al Sayegh and Federico Maccioni - Reuters
Global asset manager Janus Henderson plans to buy National Bank of Kuwait's alternative investments business in a deal that is expected to strengthen its position in emerging markets and its access to clients in the Middle East.
/jlne.ws/3wkgpbL
Apollo Profit Jumps 26% on Fee Growth, Private Credit Strength
Allison McNeely - Bloomberg
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BlackRock, Citadel Reap Billion-Dollar Deals From Australia Fund
Richard Henderson and Amy Bainbridge - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Atlassian combines Jira Software and Work Management tools
Frederic Lardinois - TechCrunch
At its Team '24 event in Las Vegas, Atlassian today announced that it is combining Jira Software with Jira Work Management into a single product under the "Jira" brand. The origins of Jira, Atlassian's flagship project management tool, are in software development and issue tracking for developers, but throughout the past few years, the company started to launch Jira versions for other teams as well. These included Jira Work Management for business teams like marketing, sales and human resources, which launched in 2021 and replaced a previous product called Jira Core.
/jlne.ws/4djGSH9
Broker Sues Vantage Capital Alleging Discrimination Over Cancer; Vantage blocked her return to work, ex-broker alleged; Vantage supported Fajri and wanted her to return, lawyer says
Upmanyu Trivedi - Bloomberg
Vantage Capital Markets was sued in London by a former equities broker, who alleged the firm discriminated against her when management blocked her return to work after she underwent cancer treatment. Camelia Fajri, sued the brokerage for disability discrimination and unfair dismissal. She alleged the firm made unnecessary requests of her when she tried to return after a year on sick leave in 2022 so she would "give up trying to return and would leave." Vantage Capital denies all the allegations and is challenging the claim.
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Work Sucks. What Could Salvage It? New books examine the place of work in our lives-and how people throughout history have tried to change it.
Erik Baker - The New Yorker
There's a line in one of my favorite songs that's been tripping me up recently. "We Take Care of Our Own" kicks off Bruce Springsteen's 2012 album, "Wrecking Ball," a late-career masterpiece that sifts through the rubble of the Great Recession. After a few verses lamenting the American political system's abandonment of the working class, "from Chicago to New Orleans," Springsteen launches into the bridge. "Where're the eyes, the eyes with the will to see?" he thunders. "Where're the hearts that run over with mercy? / Where's the love that has not forsaken me?" And then the stumbling block: "Where's the work that'll set my hands, my soul free?"
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| Wellness Exchange | | An Exchange of Health and Wellness Information | 6-Month Study Shows Improved Body Composition & Biomarkers For Healthy Adults Consistently Using Wellness Therapies
Business Wire
Restore Hyper Wellness, the nation's largest provider of science-backed, personalized therapies with 225+ locations, today announced a significant peer-reviewed publication that demonstrates the health benefits and positive changes to participants' body composition, heart rate variability (HRV), and blood biomarkers from the consistent use of multiple therapies over 6 months. Dr. Rachele Pojednic helped lead the Healthspan Project, the pilot study that measured the changes from simultaneous weekly treatments of Whole Body Cryotherapy, Photobiomodulation (Red Light Therapy), Mild Hyperbaric Oxygen Chamber Therapy (mHbOT), Compression and Micronutrient Therapy on healthy individuals, aged 31 - 64 years.
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Women live more years in ill-health than men, finds gender health gap study; While men are disproportionally affected by conditions that cause early death, women are left with higher levels of illness and disability
Andrew Gregory, Health editor - The Guardian
Women live longer than men but experience more years in poor health, according to a global gender health gap analysis that experts say underlines an urgent need for action to boost women's health. Globally, there are substantial differences between women and men when it comes to health, with limited progress in bridging health gaps over the past three decades, according to the study examining the impact of the world's 20 leading causes of disease. The findings were published in the Lancet Public Health journal.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Colombia to break diplomatic relations with Israel, President Petro says
Reuters
Colombian President Gustavo Petro said on Wednesday he will break diplomatic relations with Israel over its actions in Gaza. Petro has already heavily criticized Israeli Prime Minister Benjamin Netanyahu and requested to join South Africa's case accusing Israel of genocide at the International Court of Justice.
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Canada's oil industry cuts reliance on US market as pipeline expands; Trudeau government completes C$34bn Trans Mountain project amid cost overruns and climate concerns
Jaren Kerr - Financial Times
The Canadian oil industry lost a promising outlet for its crude when the controversial Keystone XL pipeline south to the US was cancelled in 2021. This week it gained another route. A newly expanded Trans Mountain pipeline started commercial operations on Wednesday, funnelling more barrels from landlocked Alberta towards tanker berths on the Pacific coast in British Columbia.
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Canada's long-delayed Trans Mountain oil pipeline starts operations
Nia Williams - Reuters
After 12 years and C$34 billion ($25 billion), Canada's Trans Mountain pipeline expansion project (TMX) began commercial operations on Wednesday, a major milestone expected to transform access to global markets for the country's producers. Pipeline constraints have forced Canadian oil producers to sell oil at a discount for many years, but TMX will nearly triple the flow of crude from landlocked Alberta to Canada's Pacific coast to 890,000 barrels per day (bpd).
/jlne.ws/3wlAPkH
Canadian factory PMI falls in April as downturn hits one year
Fergal Smith - Reuters
Canadian manufacturing activity slowed in April, extending a lengthy period of contraction for the sector, as output and new orders fell at an accelerated pace and inflation pressures picked up, data showed on Wednesday. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 49.4 in April from 49.8 in March, staying below the 50 threshold for the 12th straight month, the longest such stretch in data going back to October 2010.
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S.Korea pension fund targets ratio of risky assets at 65% in new portfolio
Reuters
South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will allocate 65% of its assets in risky assets under new long-term asset allocation rules, the welfare ministry said on Thursday. "Going forward, the fund will keep the ratio of risky assets at 65% in its strategic asset allocations and invest in various kinds of alternative assets in a swift manner within the ratio to raise investment earnings," the ministry said in a statement, after a meeting to review the fund's investment strategy.
/jlne.ws/3UrzJf4
Taliban plan regional energy trade hub with Russian oil in mind
Mohammad Yunus Yawar and Charlotte Greenfield - Reuters
The Taliban has agreed with Kazakhstan and Turkmenistan to build a logistics hub in western Afghanistan aimed at making the war-torn nation a major logistics point for regional exports, including oil from Russia to South Asia, the country's commerce minister said. Following a meeting between representatives of the three countries in the Afghan capital last week, Taliban acting commerce minister Nooruddin Azizi told Reuters that technical teams would draw up a written agreement within two months on the formal plans for the hub, which all three countries would invest in after six months of talks.
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India's 8.5% growth rate has some 'fluff,' former central bank chief Raghuram Rajan says
Sumathi Bala - CNBC
There is some 'fluff' in India's economic growth rate, according to former Reserve Bank of India Governor Raghuram Rajan. This isn't a reflection of "pessimism" as "even 6-6.5% growth is a pretty good number," he told CNBC's "Squawk Box Asia" on Thursday.
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Japan is haunted by a return to emerging-economy status; The battering sustained by the yen since January is causing alarm in some quarters
Leo Lewis - Financial Times
April was a testy month for Japan. The yen tumbled to a 34-year low before the government appeared to barge in with over $35bn worth of currency support. A prominent think-tank warned that well over a third of the country's municipalities may vanish. A key industrial policy committee warned of chronic threats to national prosperity.
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| Miscellaneous | | Stories that don't quite fit under the other sections | She Quit Venture Capital for Pro Cycling. She Has No Regrets; Kristen Faulkner left her life in Silicon Valley for the unpredictable world of professional cycling. After a major victory in Spain, she's hoping to realize a childhood dream at the Olympics.
Jason Gay - The Wall Street Journal
Kristen Faulkner was talking about endurance, and suffering, and how comfortable she was when it comes to pushing her physical limits. I asked her where that stamina came from, if it was something she'd honed as a professional cyclist, or as a collegiate rower, or even in her early grinding in the world of investing. She had another answer: Alaska.
/jlne.ws/3UqRLy8
Giant reservoir ready for service as Paris 2024 Games loom
Julien Pretot - Reuters
Paris mayor Anne Hidalgo on Thursday inaugurated a colossal storage basin that will help reduce the risks of pollution in the Seine as the Olympics approach and make the river suitable for bathing. The primary goal is to have the Seine batheable by 2025, with the Paris Games boosting that aim, even though some sporting events were cancelled last summer as health standards were not met after rare heavy rains and a sewer problem.
/jlne.ws/3Wpb7Gx
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