| August 07, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The World Scout Jamboree held in South Korea is in shambles after soaring temperatures, bad sanitation and an approaching tropical storm forced an evacuation of U.K. and U.S. Scouts from the jamboree site, the Financial Times reports. Tropical Storm Khanun, which is expected to hit South Korea on Thursday, forced the U.K. Scouts to find alternative shelter hotels in Seoul and the U.S. Scouts at Camp Humphreys, a U.S. Army base in South Korea.
Anthony Godine, global account director at Aite-Novarica Group and a former managing director of sales at TABB Group, has passed away. Robert Iati of Burton-Taylor International Consulting shared the news on LInkedIn. Condolences to his family, friends and colleagues.
Lamon Rutten shared the following on LinkedIn: My position at Ajlan & Bros Mining & Metals Industries Group has changed, from CEO of its new securities and commodities exchange venture, to member of its Advisory Board. Unfortunately, the powers that be decided the time was not yet ripe for the introduction of a new exchange in Saudi Arabia, so the project has been mothballed. I will remain active in structured commodity finance and exchange work: new technologies are bringing unparalleled new opportunities.
For those of you who want to buy a yacht or maybe rent a yacht for your August vacation, you might want to know what technology you will need on said yacht. The Financial Times is here to help, with a story titled, "A complete guide to yacht-desking; All the gadgets you need to work on the high seas."
In case you get a great insider tip while sailing on your yacht with some friends, Bloomberg has a timely piece you might want to review titled, "What Defines Insider Trading and When Is It Illegal?"
Tyson is closing four chicken processing plants, The Wall Street Journal reports in a story titled, "Tyson Foods to Close Four Plants as Chicken Business Slumps." There is a joke about chicken little of little chicken in there somewhere.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The STA 90th Annual Market Structure Conference is October 11-13, 2023, at the JW Marriott in Washington. This flagship conference addresses important industry and regulatory issues facing the markets today. This year's event is hybrid, with live presentations from the stage that will be livestreamed. Featured speakers include SEC Commissioner Hester Peirce; Tal Cohen, president of market platforms for Nasdaq; Chris Edmonds, chief development officer for ICE; and Jonathan Kellner, CEO of MEMX. View the agenda and register here.~SAED
Our most read stories last Friday on JLN Options were:
Are US stocks bulls right to be so optimistic?
David Weild Speaks to JLN About the Jobs Act and What It Accomplished and the Challenges We Still Face
Robinhood to Start Charging Customers Regulatory Fees for Options Trading ~JB
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The Russell 2000 Index Quarterly Chartbook - July 2023
Year after year, the Russell 2000 Index sets the standard for US small cap measurement. For index performance, sectors/IPOs, and risk characteristics, check the latest Russell 2000 Quarterly Chartbook - July 2023. Read now: https://www.ftserussell.com/research/russell-2000-index-quarterly-chartbook-july-2023.
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Exberry CEO Guy Melamed Talks Up Cloud-based SaaS Market Solutions with JLN's Julie Ros at FIA's IDX
JohnLothianNews.com
JLN Correspondent Julie Ros interviewed Exberry CEO Guy Melamed at FIA's International Derivatives Week (IDX) in June and asked him about the solution Exberry developed on a cloud environment and about its relationship with Amazon Web Services (AWS).
In a recent blog post with AWS, Exberry wrote about passing the one million orders per second mark in microseconds latencies, an important milestone in the industry, Melamed said.
Watch the video »
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Rama Pillai and KC Lam of SGX on trading flows from Asian markets into Singapore, FX trading innovations, and transposing the NIFTY Index futures to India.
JohnLothianNews.com
JLN Correspondent Julie Ros spoke with two executives from SGX, the Singapore Exchange, at FIA's IDX Conference in London in June. Rama Pillai, managing director, global sales & origination, and KC Lam, head of FX and rates, talked about the changes they've seen with trading in Asia and the products their clients have been trading in the current environment.
Watch the video »
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Crypto's fear and loathing: Will TradFi take over?
Konstantin Horejsi - Forkast
The crypto industry is experiencing its longest bear market in history, but the potential for institutional adoption represents a light at the end of the tunnel. While some regulatory hurdles remain, institutional adoption will make the industry more appealing to mainstream investors, laying the groundwork for the next bull run. At the same time, some worry that this marks the beginning of a takeover by traditional finance, with institutions posing a threat to crypto-native firms. Instead of an industry takeover, however, institutions' crypto debut will present an opportunity for collaboration.
/jlne.ws/3KxhfG6
****** I hate to tell the crypto gang that we "TradFi" types were in control the whole time, giving the crypto crowd enough runway and rope to either do things the right way or tie themselves up in regulatory knots. Quite frankly, I have not seen knots like this since the last time I went fishing.~JJL
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Remote Work Is Dead: Zoom Tells Employees to Return to the Office
Ashley Stewart - Business Insider
The remote work revolution is officially dead. Zoom, one of the main enablers and beneficiaries of remote work, just asked its employees to head back to the office. Those who live within 50 miles of a Zoom office must now work there at least two days a week, the company confirmed.
/jlne.ws/3DQoIfq
***** I am sure they will zoom right into the office.~JJL
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Here's How Hard It Is to Win the Mega Millions Lottery, With Jackpot Soaring to $1.25 Billion
The Associated Press
There's no shaking it. Your chances of winning the lottery are extremely slim. After no big winner Tuesday night, the Mega Millions jackpot climbed to an estimated $1.25 billion. If someone wins it all on Friday, when the next Mega Millions drawing takes place, the prize would one of the largest in U.S. lottery history.
/jlne.ws/44Vwvo9
******The jackpot is up to $1.55 billion and the cash option is $757.2 million.~JJL
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It's Taylor Swift's Economy, and We're All Living in It
Joseph Pisani - The Wall Street Journal
It's simple Taylornomics: When Taylor Swift comes to town, Swifties go on a spending spree. Her fans have been filling hotels, packing restaurants and crowding bars during Swift's 20-city Eras Tour in the U.S. Cities say the tour has helped them recover from the economic toll of the pandemic by bringing back tourists and their wallets.
/jlne.ws/45ci7HS
****** What the world needs is more talented, powerful women capable of changing economic conditions.~JJL
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'Barbie' Crosses $1 Billion in Global Ticket Sales, Warner Bros. Says; The movie has made nearly $460 million in the US and Canada; The Warner Bros. hit is now the No. 2 movie of the year
Thomas Buckley - Bloomberg
Barbie, Warner Bros.' hit movie based on the popular doll, crossed $1 billion in global box-office sales in its third week in release, becoming only the second picture to hit that mark this year. Warner Bros. said on Sunday the movie took in $53 million in the US and Canada in its third week, as well as an additional $74 million internationally. The movie has now made $459.4 million domestically and $1.03 billion on a worldwide basis.
/jlne.ws/3OtmgAy
****** I think I found another talented, powerful woman capable of changing economic conditions?~JJL
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Friday's Top Three
Our top story Friday was Bloomberg's A Look Inside Sam Bankman-Fried's Empire Before It Collapsed. Second was Atlantic's Biggest Offshore Wind Turbine to Rise Next Week in US, also from Bloomberg. Third was The Digital Dollar Project: Retail Cross-Border Remittance Payments, the white paper from the Digital Dollar Project's retail CBDC pilot study.
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| Lead Stories | The untold history of today's Russian-speaking hackers; They hold global businesses to ransom and seem to act with impunity - but behind them lies a tangled geopolitical web
Misha Glenny - Financial Times
Clop, a Russian-speaking hacking group specialising in ransomware, has its own website. Yes, this is a thing - criminals openly encouraging their victims to negotiate a ransom for the return of their data as though it were a legitimate commercial deal. Using language that is both business-like and chilling, it urges users to open a dialogue, stating they have a three-day window to discuss price. It promises that the Clop team will provide some specimen files they have encrypted "as proof we are not lying". Failure to comply means all the stolen data will be published.
/jlne.ws/47lLxoY
Ham Radio Enthusiasts vs. High-Frequency Traders: A Battle for the Airwaves
Alexander Osipovich - The Wall Street Journal
Ham radio operators are sounding the alarm over the latest threat to their beloved hobby-and this time, it is coming from Wall Street. A group of high-frequency trading firms is asking the Federal Communications Commission to open shortwave frequencies to greater commercial use, so they can use radio to zip financial data around the world in milliseconds.
/jlne.ws/45mf2Fv
Ukraine Black Sea Drone Attacks Signal Rapidly Expanding War; Freight rates set to 'balloon,' intelligence firm Kpler says; Russia exports most of its grain, 15-20% of oil, via Black Sea
Bloomberg News
The footprint of President Vladimir Putin's war on Ukraine is growing fast after a weekend in which sea drones crippled a Russian naval vessel and an oil tanker. For the first time, the attacks put at risk Russia's commodity exports via the Black Sea, a route that accounts for most of the grain and 15% to 20% of the oil that Russia sells daily on global markets. Significantly higher insurance and shipping costs are likely to follow for Moscow, but there are risks to European and global markets, too.
/jlne.ws/43ZPNYg
Meme Stocks Are a Thing - Again; Investors are pushing Tupperware, Yellow and Rite Aid higher
Hannah Miao and Gunjan Banerji - The Wall Street Journal
Short sellers, day traders, shares of struggling companies soaring improbably higher: The market right now has all the elements of an old-fashioned meme-stock rally. Tupperware Brands is teetering financially, but its stock has climbed from below $1 to about $5 in the past two weeks. It jumped 36% on Friday alone after news of a restructuring plan.
/jlne.ws/3OLaJ0M
Rogue Traders or Lawsuits Can Hit Banks Like Bad Debts; New rules are going to make firms account for operational risks and have a slug of capital to absorb them
Paul J. Davies - Bloomberg
If it was simple to foresee computer failures, rogue traders, fat-finger errors, or major regulatory fines, then banks wouldn't suffer these things. The fact is, such snafus are fairly common and have cost the six largest US banks $181 billion in fines and lawsuits alone since 2008, according to a study from Better Markets, an industry pressure group.
/jlne.ws/3KwsApE
Intercontinental Exchange, Black Knight and the Federal Trade Commission Jointly Agree to Dismiss Federal Court Case, Pending Settlement Negotiations
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) and Black Knight, Inc. (NYSE: BKI) announced today that, amid progress toward a potential resolution, they have jointly stipulated, along with the Federal Trade Commission (FTC), to dismiss the preliminary injunction proceeding in the United States District Court seeking to block the close of ICE's previously announced acquisition of Black Knight. The joint stipulation dismisses the federal court complaint and dissolves the temporary restraining order that was previously in place, allowing ICE, Black Knight and the FTC to continue working toward a final settlement agreement resolving the FTC's challenge to the acquisition.
/jlne.ws/3OO0M2V
ICE Chat Helps Drive Execution Volumes
Shanny Basar - MarketsMedia
Proprietary large language models in ICE Chat have helped boost the number of users and driven a nearly 60% rise in energy volume executed via the exchange's messaging platform. Warren Gardiner, chief financial officer of ICE, said on the second quarter results call on 3 August that there has also been continued growth in the ICE Chat offering, a messaging system that can be tailored to support firms' compliance requirements.
/jlne.ws/44VLdLT
Wind 'Turbinegeddon' Is a Troubling Climate Omen; Siemens Energy's wind turbine problems may force a slower and more expensive energy transition
Chris Bryant - Bloomberg
The financial cost of decades of climate inaction and the risks inherent in rushing to catch up were laid bare on Monday when a German industrial giant forecast a jaw-dropping euro 4.5 billion ($5 billion) annual loss. Siemens Energy AG's woes stem chiefly from technical problems with a new generation of onshore wind turbines. Wind power is vital to cutting carbon emissions, and the industry has raced to launch bigger and more powerful machines.
/jlne.ws/45B4dzB
Big Oil's Talent Crisis: High Salaries Are No Longer Enough; Energy companies scramble to attract engineers as young workers fret over climate and job security
Mari Novik and Collin Eaton - The Wall Street Journal
Good news from the oil patch: Jobs are plentiful and salaries are soaring. The bad news is that young people still aren't interested. Even as oil-and-gas companies post record profits, the industry is facing a worsening talent drought. At U.S. colleges, the pool of new entrants for petroleum-engineering programs has shrunk to its smallest size since before the fracking boom began more than a decade ago. European universities, which have historically provided many of the engineers for companies with operations across the Middle East and Asia, are seeing similar trends.
/jlne.ws/3YqUklr
The relentless rise of retail trading: How can the institutional market join the dots to encourage investor access? On 16 May, The TRADE held a closed-door roundtable where panellists delved into the global role of retail markets including key barriers to entry, retail and institutional interaction, regulation and the future outlook as the market grows.
Claudia Preece - The Trade
Retail investing is an ever-evolving space. Its role and the way it interacts with institutional investors differs region to region. Looking into this sector, which is set to experience highly anticipated, yet arguably unpredictable, growth - note the GameStop saga of 2021 - The TRADE deep dives into some of the key considerations.
/jlne.ws/45cXkUG
This Crypto Influencer Bought Some Sick Watches (And Then the SEC Charged Him With Fraud)
Oren Hartov - GQ
Let's say that you have allegedly defrauded investors to the tune of millions of dollars. How would you spend your windfall? If you're Richard Heart, founder of crypto ventures Hex, PulseChain, and PulseX, the answer is evidently bling. Lots of bling. On July 31st, the SEC charged Heart (a.k.a. Richard Schueler) with "conducting unregistered offerings of crypto asset securities that raised more than $1 billion in crypto assets from investors."
/jlne.ws/3Qu5HXJ
US regional banks struggle to break free from government life support; Lenders still tapping hundreds of billions of dollars of funding that shored industry up during recent crisis
Stephen Gandel and Joshua Franklin - Financial Times
US banks are still relying on hundreds of billions of dollars in government financing that was crucial in shoring up the industry after the collapse of Silicon Valley Bank almost four months ago. Regional lenders are tapping the support despite a recent rebound in their share prices and second-quarter earnings that were deemed to be positive by investors.
/jlne.ws/3qjz0le
Dan Loeb Surrendered But Meme Army Still Hits Bears for Millions; Tupperware, Nikola, Yellow rallies hit bearish investors; Fundamentals take back seat to options and Reddit, Loeb says
Bailey Lipschultz - Bloomberg
Dan Loeb is hardly the first Wall Street titan to lament how meme stock traders have made short selling a perilous endeavor. But that Loeb, who runs the hedge fund Third Point LLC, did so now is what's interesting. The meme crowd, it turns out, is back at it again, driving up stocks and burning short sellers just like they did back in the wild early days of the pandemic.
/jlne.ws/3Qt8C2U
US Lab Behind Fusion Breakthrough Reaches Ignition Again; Researchers repeat achievement after months of near misses; Tapping fusion as clean energy source remains years away
David R Baker - Bloomberg
The US government lab that last year reached a long-sought milestone in nuclear fusion - achieving a controlled reaction that yielded more energy than it took to produce - has repeated the achievement, after months of near-misses. Being able to reproduce the Dec. 5 breakthrough may bring the world one step closer to using fusion, which powers the stars, as an abundant source of clean energy. But that future likely remains years off, if it happens at all.
/jlne.ws/47pJGiT
Asset Management: a short history of the bond market; Plus, cash piles climb, investors warm to the riskiest US corporate debt, and Joshua Reynolds at Kenwood
Harriet Agnew - Financial Times
One bit of programming to start: school's out for summer. Don't miss our selection of summer books - from politics, economics and history to art, food and, of course, fiction. This newsletter will be back for the autumn term on September 4. Until then happy holidays.
/jlne.ws/3DKc29Z
Echoes of Australia's Gas Ban Will Ring Across Four Continents; Once touted as a 'transition fuel,' it's proving a habit as hard to kick as coal and oil.
David Fickling - Bloomberg Opinion
The appeal of a good old-fashioned culture war fight is so much greater than thinking about the hard problems of energy planning and security. So it's hardly surprising that the decision of Australia's Victoria state to ban natural gas connections to new properties has turned into a replay of a cooked-up US debate about a supposed federal ban on gas stoves.
/jlne.ws/3Kwd1yB
Overboard: ditching clients imperils Treasuries clearing mandate; Standardised docs a drop in the ocean as dealers eye potential costs of sponsored Treasuries clearing
Sharon Thiruchelvam - Risk.net
Large US dealers are warning that the practice of so-called offboarding of inactive or unprofitable clients poses a substantial obstacle to the Securities and Exchange Commission's (SEC) drive for mandatory central clearing of repo and cash US Treasuries transactions. "There seems to be an underlying expectation that all the banks are going to happily bring in every possible client out there," says Mike Cloherty, head of US rates strategy at UBS. "Dealers don't even keep folks they have a
/jlne.ws/47k5PiF
Short Seller Hindenburg Nabs Tiny Gains Off $173 Billion Carnage; Nate Anderson has wiped out as much as $99 billion from three billionaires' wealth this year
Katherine Burton - Bloomberg
Gautam Adani, Jack Dorsey, Carl Icahn. Nate Anderson has picked them off one by one. In mere months this year, he erased as much as $99 billion of their combined wealth while knocking $173 billion off the value of their publicly traded companies. In an era when prominent short sellers have retreated from the limelight - fretting lawsuits, short squeezes and government probes - the deft researcher has emerged as the gutsiest bear around.
/jlne.ws/3Ymui2T
How financial engineering in Bermuda boosted Apollo; Management says equity capital raised offshore is proving a 'game changer'
Sujeet Indap - Financial Times
Many rivals of Apollo Global Management were convinced that its merger with Athene Holding, its retirement annuities affiliate, would prove a strategic blunder. The risk was that the private equity firm would spoil its high-margin, capital-light business of collecting hefty asset management fees by taking on a heavily regulated, lumbering balance sheet of a life insurance company.
/jlne.ws/3s0lh3i
Private equity firms offer sweeteners to lure reluctant investors; Pension plans and wealth funds given fee discounts as deal drought makes fundraising tougher
Will Louch and Josephine Cumbo - Financial Times
Private equity firms are increasingly offering sweeteners such as fee discounts to secure backing from deep-pocketed investors, in a sign that the industry is facing its toughest-ever fundraising environment.
/jlne.ws/47lISM0
Inconvenient truths about the green transition; Getting rid of carbon and forced labour in clean energy supply chains is costly but necessary
Rana Foroohar - Financial Times
When western policymakers talk about reasons for supply chain decoupling from China in areas like semiconductors and clean energy technology, they often cite two inconvenient truths. First, cheap Chinese inputs like the polysilicon needed for solar panels and critical minerals for batteries are often made or extracted by forced labour in Xinjiang. Second, a lot of what's advertised as "clean" energy technology coming out of China is made in factories that use coal-powered electricity. If you tally in the true carbon and labour cost of that production, it doesn't seem so "clean" any more.
/jlne.ws/3qpetvF
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Black Sea Drone Attacks Signal Rapidly Expanding War; Freight rates set to 'balloon,' intelligence firm Kpler says; Russia exports most of its grain, 15-20% of oil, via Black Sea
Bloomberg
The footprint of President Vladimir Putin's war on Ukraine is growing fast after a weekend in which sea drones crippled a Russian naval vessel and oil tanker. For the first time, the attacks put at risk Russia's commodity exports via the Black Sea, a route that accounts for most of the grain and 15% to 20% of the oil that Russia sells daily on global markets.
/jlne.ws/3DNosxO
European companies suffer EUR100bn hit from Russia operations
Peggy Hollinger, Eri Sugiura and Oliver Telling - Financial Times
Europe's biggest companies have suffered at least EUR100bn in direct losses from their operations in Russia since President Vladimir Putin's full-scale invasion of Ukraine last year, according to analysis by the Financial Times. A survey of 600 European groups' annual reports and 2023 financial statements shows that 176 companies have recorded asset impairments, foreign exchange-related charges and other one-off expenses as a result of the sale, closure or reduction of Russian businesses.
/jlne.ws/43YEM9F
Russia mounts a massive missile and drone attack against Ukraine following its retaliation promise
The Associated Press
Moscow unleashed a massive missile and drone barrage on western Ukraine Sunday, following through on its promise to retaliate for a Ukrainian attack on a Russian tanker. Russian and Ukrainian shelling across the country overnight killed in at least six people, officials said. Separately, Moscow's second-largest airport briefly suspended flights early Sunday following a foiled drone attack near the Russian capital.
/jlne.ws/3qkAprU
Wheat Climbs After Ukraine's Attacks Threaten Black Sea Exports
Keira Wright - Bloomberg
Wheat extended gains after Ukraine used sea drones to cripple a Russian oil tanker and a naval vessel, threatening a key export route for Russian commodities through the Black Sea. Top wheat shipper Russia moves most of its grain through the waterway and is in the midst of a second bumper harvest, making this a crucial time for getting crops to markets and ensuring enough supply to constrain global food costs.
/jlne.ws/3QtKbCI
Olaf Scholz under pressure to send cruise missiles to Ukraine; Two lawmakers from German chancellor's own party signal support for contested move
Laura Pitel and Roman Olearchyk - Financial Times
German chancellor Olaf Scholz is under mounting pressure to provide cruise missiles to Ukraine to bolster its struggling counteroffensive against Russian forces. Two lawmakers in Scholz's Social Democrat party (SPD), which has often been more cautious than its coalition partners, have recently joined a chorus of voices calling for Swedish-German made Taurus missiles to be sent to Kyiv.
/jlne.ws/3QoyzAQ
Military briefing: the Ukrainian drone strikes designed to wear Russia down; Kyiv steps up attacks in bid to bring Moscow's war closer to home
Christopher Miller and Roman Olearchyk, John Paul Rathbone and Anastasia Stognei - Financial Times
/jlne.ws/3Yo7a3S
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Exchange operator Cboe's profit rises on swelled up trading volumes
Jaiveer Shekhawat and Laura Matthews - Reuters
Exchange operator Cboe Global Markets (CBOE.Z), on Friday reported a rise in its quarterly profit, driven by strong trading volumes as markets continue to rebound from last year. Investors turned to Cboe's proprietary products, such as options linked to the VIX volatility index (.VIX) and the S&P 500 (.SPX), as they rejigged portfolios to hedge against risks brought on by economic uncertainty.
/jlne.ws/43VjKZt
OCC Welcomes NYSE Executive Meaghan Dugan to Board of Directors
OCC
OCC, the world's largest equity derivatives clearing organization, today announced the appointment of Meaghan Dugan, Head of Options at the New York Stock Exchange (NYSE), to its Board of Directors. Dugan brings more than 20 years of experience in listed options trading and market making. "Meaghan brings extensive experience in listed options, market structure and electronic trading technologies," said Craig Donohue, OCC Executive Chairman. "She is a valuable addition to OCC, and we are pleased to welcome her to our Board." In her current role with the NYSE, Dugan is responsible for oversight of the NYSE Amex Options and the NYSE Arca Options markets.
/jlne.ws/47ey3v8
EPEX SPOT Press Release - Monthly Power Trading Results of July 2023
EEX Group
A total volume of 57.6 TWh was traded on EPEX SPOT markets in July 2023 (July 2022: 50.0 TWh). This represents an overall increase of 13.5% on year.
/jlne.ws/3Qs4IHG
Periodic Review of "JPX-Nikkei Index 400" and "JPX-Nikkei Mid and Small Cap Index"
Japan Exchange Group
The periodic review of the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap Index, jointly calculated by JPX Market Innovation & Research, Inc. and Nikkei Inc., has been conducted as follows.
/jlne.ws/3s3Hnlx
Listing Of Bachelet Laboratories as an LME Listed Sampler and Assayer (LSA)
London Metal Exchange
Summary. The Exchange has approved the listing of Bachelet Laboratories to be added to the list of LME Listed Sampler and Assayers (LSA) with immediate effect.
/jlne.ws/3vimcfa
Miami International Holdings Reports July 2023 Trading Results; MIAX Exchange Group Reaches Record YTD Volumes on Options and Equity Exchanges
MIAX
Miami International Holdings, Inc. today reported July 2023 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX).
/jlne.ws/3OmN99n
MGEX Reports Trading Results for July 2023
MGEX
Minneapolis Grain Exchange (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today reported July 2023 trading volume of 245,080 contracts, representing a 3.4% year-over-year (YoY) increase from the same period in 2022 and a 9.7% decrease from June 2023.
/jlne.ws/3YEVLwZ
Expulsion of Trading Member: LFS Broking Private Limited
National Stock Exchange of India
National Stock Exchange of India Limited has expelled the below-mentioned trading member from the membership of the Exchange under Rules 1 and 2 of Chapter IV of the NSEIL Rules w.e.f. June 19, 2023, before market hours: Sr. No. Name of the Trading Member SEBI registration number 1 LFS Broking Private Limited INZ000101238.
/jlne.ws/3DNGTm0
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Elon Musk Swipes Control of Another Twitter Account, This Time @Music
Michael Kan - PC Magazine
For 16 years, Jeremy Vaught had control of the @music account on Twitter. But no more. On Thursday, Elon Musk's company seized the @music account out of the blue, offering no advanced warning to Vaught or any compensation. "Super pissed," he wrote on his own personal Twitter account while sharing a screenshot officially notifying him about the account takeover.
/jlne.ws/3KuKcT6
Avalanche Blockchain Usage Grew in Second Quarter: Nansen
Sage D. Young - CoinDesk
Usage of Avalanche, the seventh-largest smart contract platform, more than doubled in the second quarter, even as users committed less of their cash to the system. Daily transactions on Avalanche C-Chain, an implementation of the Ethereum Virtual Machine, grew to just under 500,000 from roughly 200,000, and the number of daily active addresses ranged between about 25,000 and 117,000, settling around 95,000 at the end of the quarter, blockchain analytics firm Nansen said in a research report.
/jlne.ws/3qmNbGi
Cloud Services Industry Shows Early Signs of a Comeback; Results from both companies point to a spending rebound; Generative AI hasn't yet done much to boost cloud sales
Matt Day and Brody Ford - Bloomberg
Cloud services companies are rallying as earnings reports suggest the wave of spending cuts that had hammered the industry are starting to subside. Amazon.com Inc. on Thursday said that growth at its Amazon Web Services unit was "stabilizing" after a steep slowdown. Atlassian Corp., a builder of productivity software, cited "strong momentum" in customers moving to cloud services.
/jlne.ws/3KuRJ48
What Are the Best Options Trading Platforms?
Jared Hoffmann - Kiplinger
It's not the easiest task to identify the best options trading platforms among the seemingly endless number available. Navigating these platforms can be difficult, and as an investor, selecting the right platform is vital to maximize your investment potential. In this article, we'll take a deep dive into some of the best options trading platforms.
/jlne.ws/446EJcc
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| Cybersecurity | | Top stories for cybersecurity | Looter Behind $61M Curve Hack Starts Returning Assets, Raising Hope for Recovery
Krisztian Sandor - CoinDesk
The exploiter responsible for draining $61 million assets held on decentralized exchange Curve Finance has returned some of the stolen crypto after engaging in talks with one of the victims on Friday, blockchain data shows. In a message linked to an Ethereum blockchain transaction, the looter asked Alchemix, one of the victims of the heist, to confirm the protocol's address where he could return the assets.
/jlne.ws/44YN5DV
Some Crypto Hackers Just Want to Be Noticed
Drake Bennett - Bloomberg
Part of the promise of cryptocurrency, along with whatever else it is supposed to eventually allow us to do, is anonymity. Whoever possesses the private keys to a cryptocurrency token owns it. Everyone can see where that token lives on the blockchain, but, in theory, no one can see who it belongs to. Over time, however, that promise has gotten weaker.
/jlne.ws/3OM3YMr
Biden-â Harris Administration Launches New Efforts to Strengthen America's K-12 Schools' Cybersecurity
The White House
The United States has experienced an increase in cyberattacks that have targeted the nation's schools in recent years. In the 2022-23 academic year alone, at least eight K-12 school districts throughout the country were impacted by significant cyberattacks - four of which left schools having to cancel classes or close completely.
/jlne.ws/3YmvFP5
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| Cryptocurrencies | | Top stories for cryptocurrencies | KPMG Bitcoin Report Marks 'A Milestone The Bitcoin Ecosystem Should Celebrate': Analyst
Pedro Solimano - Decrypt
Bitcoiners rejoiced this week when KPMG, one of the "big four" worldwide accounting firms, published a report that underscored how the protocol can contribute in a positive manner to the three pillars of the ESG investing framework: environmental, social, and governance. KPMG's research is pivotal, says CH4 Capital co-founder and renowned ESG analyst, Daniel Batten.
/jlne.ws/47jVtPT
Huobi Crypto Exchange Grapples with Rumors of Insolvency Amidst Hefty Outflows
Decrypt AI, Edited by Ryan Ozawa
The Huobi cryptocurrency exchange has been hit with outflows totaling a staggering $64 million this past weekend, continuing a long decline in the total value locked (TVL) on the exchange to $2.5 billion from $3 billion a month ago, according to DeFiLlama. Adam Cochran-a fintech executive, angel investor, and renown crypto Twitter analyst-recently raised eyebrows with a series of statements regarding the apparent financial instability of Huobi. He reported that global crypto heavyweight Binance had commenced the bulk sale of Tether (USDT), a leading stablecoin.
/jlne.ws/3rSE6W0
OPNX Exchange Touted by Three Arrows Founders Bids for Ailing Crypto Lender Hodlnaut
Suvashree Ghosh - Bloomberg
A digital-asset exchange linked to the founders of failed hedge fund Three Arrows Capital is seeking to take control of ailing crypto lender Hodlnaut, whose restructuring is being overseen by a court in Singapore.
/jlne.ws/3KqwTDe
Crypto Investor HashKey Aims to Raise $100M for New Digital Assets Fund
Brandy Betz - CoinDesk
HaskKey Capital, a digital asset financial services firm, announced plans to launch a liquid digital assets fund regulated by the Hong Kong Securities and Futures Commission (HK SFC) on September 1. HashKey is aiming to raise at least $100 million for the open-ended fund, which will focus entirely on virtual assets, a HashKey representative told CoinDesk.
/jlne.ws/3OhvEHi
Macron stokes Paris crypto scene with tax breaks and clear rules, but will VCs remain wary?
Inbar Preiss - DL News
On a warm July evening, about a hundred crypto aficionados and web3 builders filled the lounge in the Eiffel Tower. Thousands were left on the waiting list, but for the lucky ones, the City of Light stretched out below in summer twilight. On the agenda: cocktails and account abstraction. That's crypto-speak for how smart contracts can send transactions from one party to another.
/jlne.ws/3OKNZ11
Binance Appoints New Compliance Officer as Regulatory Crackdown Intensifies
Helene Braun - CoinDesk
/jlne.ws/44XAOQ6
OPNX Exchange Touted by Three Arrows Founders Bids for Ailing Crypto Lender Hodlnaut; OPNX lodged a takeover offer for ailing crypto lender Hodlnaut; Singapore court is overseeing Hodlnaut's restructuring process
Suvashree Ghosh - Bloomberg
/jlne.ws/3KuyeZJ
Ex-Celsius CEO Mashinsky Must Face Civil Fraud Suit in New York; Mashinsky also faces federal criminal charges in New York; The former CEO has denied wrongdoing; claims NY got it wrong
Erik Larson and Ava Benny-Morrison - Bloomberg
/jlne.ws/3ONMU8R
Silbert's Crypto Empire DCG Faces NY Attorney General Probe Over Genesis Ties; Letitia James's office joins crowded field investigating DCG; Federal prosecutors and SEC also probing DCG, Genesis ties
Ava Benny-Morrison and Erik Larson - Bloomberg
/jlne.ws/3OnNWac
Hong Kong Officially Opens Crypto Trading to Retail Investors, Grants First Licenses to HashKey, OSL
Amitoj Singh, Sandali Handagama - CoinDesk
/jlne.ws/45is0E5
Crypto Hedge Funds Are Being Hit by Shutdowns, Lagging Returns in 2023; About 13% of crypto hedge funds shut this year: 21e6 estimates; Crypto funds underperform Bitcoin in first half of the year
Yueqi Yang - Bloomberg
/jlne.ws/3Ol2Huo
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| Politics | | An overview of politics as it relates to the financial markets | Miami Mayor Francis Suarez to Accept Presidential Campaign Donations in Bitcoin
Helene Braun - CoinDesk
Bitcoin-friendly Miami Mayor Francis Suarez will be accepting donations to his presidential campaign in bitcoin (BTC) , he announced on CoinDesk TV on Friday. "Officially, my campaign is accepting bitcoin," Suarez said. "This is a process of developing technologies that are going to create democratizing opportunities for wealth creation and are not manipulated by a human being's ulterior motives, political goals, etc." he said.
/jlne.ws/44Z0uvw
Don't Pop the Champagne on U.S. Crypto Bills - Progress in Congress Has Been Costly
Jesse Hamilton - CoinDesk
The crypto industry has never made it this far in its quest for a new system of U.S. oversight for digital assets, but the recent flurry of legislative progress may still be too contentious for it to become law. Three major fronts have emerged in digital assets legislation. One effort would finally set up wide-ranging rules for the industry, another would address stablecoins and a third would tackle the dangers of money laundering in crypto.
/jlne.ws/45eZVxx
'PayPal needs to embrace free speech if it wants to operate in UK'; Parents' group UsForThem accuses US online payments company of refusing to comply with legal obligations
Louisa Clarence-Smith and Neil Johnston - The Telegraph
Finance giant PayPal should not be allowed to operate in the UK unless it commits to free speech and transparency over account closures, a parents' group shut out from its services has said. PayPal, the multi-billion-pound online payments service, is currently operating under a temporary licence but hopes to be granted full permission to operate in Britain permanently by the end of the year.
/jlne.ws/44W9QIF
HSBC Executive Slams 'Weak' UK for Siding With US Against China; Ex-British diplomat says at closed-door event: UK is 'weak'; Cowper-Coles says remarks were made in personal capacity
Ambereen Choudhury, Alberto Nardelli, and Harry Wilson - Bloomberg
HSBC Holdings Plc's head of public affairs criticized the US for strong-arming the UK into cutting back business dealings with China and accused the British government of being "weak" for going along with it. Sherard Cowper-Coles told attendants at a closed-door event in London in June that the UK would often bow to the demands of Washington and shouldn't blindly follow the US but look after its own interests, according to several people familiar with the matter, who asked not to be identified because the event was private.
/jlne.ws/3OnNyZi
Putin Orders Windfall Tax on Russian Companies to Help Fund War; Large companies, foreign-owned subsidiaries, face 10% tax; Measure may raise 300 billion rubles, finance minister said
Bloomberg
President Vladimir Putin approved a windfall profit tax on large Russian companies as the government seeks additional sources of income for the budget against the backdrop of massive spending on its war in Ukraine. Companies will be subject to a 10% tax paid on the difference in profit in 2021-2022 compared with 2018-2019.
/jlne.ws/3DM6TOU
China Economy: International economists, experts discuss banking industry, promoting SMEs and sustainable finance in Beijing
China Global Television Network
/jlne.ws/3qo6san
Dissecting the Bank of Japan's ETF splurge; Why isn't the Topix toppier?
Robin Wigglesworth - Financial Times
/jlne.ws/45izEhS
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| Regulation & Enforcement | | Stories about regulation and the law. | A Florida man and wife found their victims for a $35 million fraud at church, feds say
David J. Neal - Miami Herald
When a Naples man attended his church, he saw pews filled with investment fraud targets, the Securities and Exchange Commission says. And, an SEC complaint said, Brent Seaman ripped off $35 million from at least 60 of those people in what turned into a Ponzi scheme. "Many of these investors were elderly, retired, and connected to a Naples church where Seaman was an active member," the complaint filed in Miami federal court said.
/jlne.ws/3OJ73wG
Why I Don't Feel Bad for HEX Founder Richard Heart's Victims
David Z. Morris - CoinDesk Opinion
On Monday, July 31, the U.S. Securities and Exchange Commission (SEC) filed a series of civil charges against Richard Heart, born Richard Scheuler, the founder and relentless promoter of the related Hex, PulseChain and PulseX projects. The associated tokens, which have already been disemboweled by the continued dump after the disappointing launch of Pulsechain, dropped another 50% or more on the news.
/jlne.ws/3OIHVpI
SEC Awards More Than $104 Million to Seven Whistleblowers
SEC
The Securities and Exchange Commission today announced awards of more than $104 million to seven individuals whose information and assistance led to a successful SEC enforcement action and related actions brought by another agency. Today's combined award is the fourth largest in the SEC's whistleblower program's history.
/jlne.ws/446OYNG
SEC Charges Electric Vehicle Company and Former CEO and CFO for Misconduct Related to Spac Transaction
SEC
The Securities and Exchange Commission today announced settled charges against Canoo Inc., a company that designs and produces electric vehicles, its former Chief Executive Officer, Ulrich Kranz, and its former Chief Financial Officer, Paul Balciunas, for making inaccurate revenue projections. The SEC also charged Canoo and Kranz with misconduct related to nearly $1 million in undisclosed executive compensation.
/jlne.ws/45eLb1B
SEC Obtains Emergency Relief to Halt Utah-Based Company's Crypto Asset Fraud Scheme Involving 18 Defendants
SEC
The Securities and Exchange Commission today announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against Digital Licensing Inc., a Draper, Utah based entity doing business as "DEBT Box," as well as the company's four principals, Jason Anderson, his brother Jacob Anderson, Schad Brannon, and Roydon Nelson, and 13 other defendants in connection with a fraudulent scheme to sell crypto asset securities to hundreds of U.S. investors that raised approximately $50 million and unspecified amounts of Bitcoin and Ether.
/jlne.ws/3OL10aT
MAS Commits Up To S$150 million for Technology and Innovation in Financial Sector
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today announced that it will commit up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) [1] . FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS' commitment to promote a vibrant technology ecosystem for the financial sector.
/jlne.ws/3QtUbMg
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Biggest Risks for Ag Producers Heading into Fall
Steven Stasys - Chicago Mercantile Exchange Group
Post June 30th Acreage report, the market has a better handle on the supply side with Corn showing an increase of planted acres of 2.24 million and a decrease of 4 million acres for Soybeans compared to the March USDA report. The balance sheet now reflects a tighter situation for Soybeans moving forward as the market navigates weather and export numbers.
/jlne.ws/3DJCIrl
World Gold Council on What Drives the Shiny Metal's Price; Gold is unique asset that stands by itself, says Joe Cavatoni; Gold consumption behaviors driven through economic expansion
Vildana Hajric and Michael P. Regan - Bloomberg
During periods of turmoil, gold tends to make headlines as fans of the precious metal argue it can act as a safe haven. But is it also an inflation hedge? Is it considered a risk asset? Joe Cavatoni, market strategist and head of Americas at the World Gold Council, joined the What Goes Up podcast to discuss how gold has been performing this year and what some of its primary price catalysts are.
/jlne.ws/44WcMVH
Like Trading Stocks in Your PJs? You've Got Options
Alexander Osipovich - The Wall Street Journal
Interactive Brokers said it has enabled overnight trading in more than 10,000 stocks and exchange-traded funds, the latest step in the direction of 24-hour stock trading by a major retail brokerage. With the expansion of its overnight hours, Interactive Brokers now offers nearly round-the-clock trading five days a week.
/jlne.ws/43ZbkR3
Investors Yank $800 Million From I Bonds as Inflation Slows Down; Once the hottest place to store cash, the savings securities have fallen out of favor now that the yield has dipped.
Diana Li and Claire Ballentine - Bloomberg
Farewell to the I bond frenzy. Since the yield on Series I savings bonds dropped in May, investors have redeemed about $800 million worth of the securities, more than in all of 2021. That's a big change from last year, when Americans piled into I bonds to shield their savings from inflation. I bonds were designed to help Americans do just that. The yield is set twice a year on the first day of May and November.
/jlne.ws/3QuXIKb
Country Garden, Where a Bond Default Would Make Sense; Better to take the pain and keep the business going, or there won't be an asset recovery worth speaking of.
Shuli Ren - Bloomberg Opinion
Default is a taboo most companies are keen to avoid. But sometimes, business operations demand it. Even the bond investors don't mind. Country Garden Holdings Co., once China's biggest real-estate developer by sales, is walking a tightrope. A scrapped share placement last week fueled concerns whether the company has enough money to repay its dollar bonds in the next year, even as ratings agency Moody's Investors Service says it does.
/jlne.ws/3OlTwK9
Cockroach Contamination Sends Rice-Ball Supplier's Stock Reeling
Winnie Hsu - Bloomberg
/jlne.ws/3rZYDIp
US Workers Say They Need $1.8 Million for Retirement; A new survey of people who have 401(k) plans found that it's getting harder to put money away as costs rise.
Suzanne Woolley - Bloomberg
/jlne.ws/3YrNzjy
If Nvidia Is a Proxy for the AI Bubble, It's Nearing Its Peak, Morgan Stanley Says
Subrat Patnaik - Bloomberg
/jlne.ws/44SFdDM
Traders Rush to Bills as Bundesbank Halts Interest on State Cash; German central bank's policy to make deposits less attractive; Short-term bonds outperform Monday as scarcity concerns emerge
Greg Ritchie and James Hirai - Bloomberg
/jlne.ws/43WqsPa
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Over Half of M&A Dealmakers Have Cancelled Deals on ESG Due Diligence Findings: KPMG Survey
Mark Segal - ESG Today
ESG considerations are increasingly being integrated into he dealmaking process by M&A professionals, according to a new survey by global professional services firm KPMG, which found that over half of respondents reported that they have cancelled deals due to material findings during ESG due diligence, and that nearly two thirds of investors would pay a premium for companies aligned with their ESG priorities.
/jlne.ws/3Ks9nFK
Could car clubs and 'AirBnb-style' charging help pull the plug on EV anxiety?
Stuart Stone - BusinessGreen
Zipcar UK and Volkswagen Financial Services UK claim harnessing the 'sharing economy' could help Brits overcome barriers to EV adoption. Almost half of Brits with reservations about driving an electric vehicle (EV) would be interested in trialling one, according to new research by Zipcar UK which found that more than three quarters of EV drivers wish they had known more about the technology before switching.
/jlne.ws/3KrrZWv
New England states ask grid operator to create environmental justice position
Miriam Wasser - WBUR
ISO New England works every day to make sure the region's electric grid is stable and the lights stay on. As the nonprofit grid operator, this is the organization's primary job. But as many states in the region strive to slash carbon emissions by "electrifying everything" - from our heating and cooling systems to our vehicles - and shifting the region's power supply from natural gas to renewables, some environmental advocates say it's time for the grid operator to shift its priorities too. They say they want to see ISO New England include more community voices and perspectives in its planning.
/jlne.ws/3KvDVGH
As the Planet Bakes, Big Oil's Support for Clean Energy Is Still Well Short of What's Needed Jason Bordoff - The New York Times (opinion)
Mr. Bordoff is the founding director of the Center on Global Energy Policy at Columbia University's School of International and Public Affairs. If you've been listening to the world's major energy companies over the past few years, you probably think the clean energy transition is well on its way. But with fossil fuel use and emissions still rising, it is not moving nearly fast enough to address the climate crisis. In June, Shell became the latest of the big oil companies to curb plans to cut oil output, announcing that it will no longer reduce annual oil and gas production through the end of the decade. The company also raised its dividend, diverting money that could be used to develop clean energy. BP's share prices surged earlier this year when the company walked back its plan to reduce oil and gas output.
/jlne.ws/44XN434
Wind 'Turbinegeddon' Is a Troubling Climate Omen; Siemens Energy's wind turbine problems may force a slower and more expensive energy transition
Chris Bryant - Bloomberg
The financial cost of decades of climate inaction and the risks inherent in rushing to catch up were laid bare on Monday when a German industrial giant forecast a jaw-dropping euro 4.5 billion ($5 billion) annual loss. Siemens Energy AG's woes stem chiefly from technical problems with a new generation of onshore wind turbines. Wind power is vital to cutting carbon emissions, and the industry has raced to launch bigger and more powerful machines.
/jlne.ws/3Kwsy10
ISSB Asked to Prioritise Biodiversity in Two-year Work Plan
Jack Grogan-Fenn - ESG Investor
/jlne.ws/3OLplNG
New oil and gas 'blocks' set to intersect with Marine Protected Areas, campaigners warn
Cecilia Keating - Business Green
/jlne.ws/3QuA1l3
JPMorgan 'Trying to Lead' In Carbon Removal, Bank Says; The bank is jumping into the carbon removal market, and Brian DiMarino, its head of operational sustainability, is the driving force.
Michelle Ma - Bloomberg
/jlne.ws/3OKwOfU
'Recover-E': Envision Racing launches 'world first' car made from discarded electronics
Stuart Stone - BusinessGreen
/jlne.ws/45cMFKl
Aligning finance with climate action: challenges and opportunities presented by the Paris Agreement's Article 2.1
London School of Economics
/jlne.ws/3YERjyh
A rethink of finance is required to make climate action fair
Nick Robins - Grantham Institute LSE
/jlne.ws/3DOwBCl
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BNP Paribas Appoints Matt O'Connor Head and Annabella Espina COO of its Miami Office; The team will transition into their new roles over the next several months
BNP Paribas Securities Corp
BNP Paribas Securities Corp., a unit of Europe's leading bank BNP Paribas, today announced the appointment of Matt O'Connor as Head of its new Miami office as well as Annabella Espina the Chief Operating Officer (COO).
/jlne.ws/3Ooxvue
UBS plans TMT dealmaking team shake-up
Milana Vinn - Reuters
UBS Group AG is reshuffling its technology, media and telecommunications (TMT) team, elevating some bankers who joined this year as the Swiss bank charts its strategy following its takeover of Credit Suisse, people familiar with the matter said on Friday. The changes are part of a broader shake-up driven by Sergio Ermotti, who returned as UBS's CEO this year following a stint at Swiss Re AG.
/jlne.ws/3rXaKWx
Phony bank accounts resurface at Wells Fargo, with a twist
Gretchen Morgenson - NBC News
As a longtime forensic accountant who helps consumer lawyers investigate big financial institutions, Jay Patterson has made a point to do business with a smallish local bank in his hometown of Little Rock, Arkansas. So he was startled in June 2022 when he received a bank statement from Wells Fargo showing $12 in an "Everyday Checking" account in his name, an account he didn't know about and had never opened.
/jlne.ws/3DM2AmE
David vs. The Goldman Goliaths
William D. Cohan - Puck News
The media has been having a field day on the topic of David Solomon's tenure atop Goldman Sachs, thanks in large part to the restless unnamed Goldman partners and other executives who seem to have it in for the guy. From the New York Times, the Wall Street Journal, and the New York Post, to another Economist cover, to the august Financial Times, and Insider, speculation is rife about Solomon.
/jlne.ws/3OpvwFR
City of London calls on BoE to delay bank capital rules until mid-2025; Bankers argue regulatory divergence would affect UK's ability to compete with US
Laura Noonan - Financial Times
The Bank of England is coming under pressure from the finance industry to delay the UK's adoption of new global banking capital rules by six months to avoid a period of regulatory divergence that would affect the City's ability to compete with Wall Street.
/jlne.ws/3DJ3tMT
A Beach Club Dinner and Jamie Dimon's Touch: How PacWest Was Rescued; PacWest's soaring interest costs had crippled balance sheet; JPMorgan, Warburg Pincus helped Banc of California strike deal
/jlne.ws/3DOkMMt
Credit Suisse Collapsed, And Switzerland Went Back to Making Money; Despite widespread calls for reform in the wake of the country's biggest banking shock, little has changed. Is that stability or complacency?
/jlne.ws/3OIx6Ej
'Hot Money' Is Piling Up at Banks and It's Starting to Take a Toll; Investors scrutinize cost of surging brokered deposits and FHLB loans as midsize banks bear brunt of higher interest rates.
Jennifer Surane, Linly Lin and Mathieu Benhamou - Bloomberg
/jlne.ws/3YoTW6W
Exclusive-Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week -source
Selena Li - Reuters
/jlne.ws/3QnCXQC
Hedge Funds Boosted Record Treasury Shorts as Markets Convulsed
Ruth Carson and Mia Glass - Bloomberg
/jlne.ws/43Trbk9
Goldman Commodities Research Chief Jeff Currie Set to Leave Bank; Currie has been the face of commodities research at Goldman; That includes predicting another decade-long price supercycle
Sridhar Natarajan and Devika Krishna Kumar - Bloomberg
/jlne.ws/43YdMHh
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Shale Worker Pay Drops as Oil and Gas Explorers Seek Relief From Inflation; Wages for oil workers slip for second straight month; Unemployment ticks up to 2.7% in US oil industry: BLS
David Wethe - Bloomberg
Wages for US oil workers dropped for a second consecutive month as weaker commodity prices trigger a slowdown in the shale patch. Average hourly earnings for front-line oil-and-gas workers fell 0.7% in June from the previous month to $42.80, according to a Labor Department report released Friday. The slowdown for shale workers bucked an overall national trend in the economy that saw wages rise at a solid clip. Still, compared with a year ago, oil pay is up 7.5%.
/jlne.ws/3Kwg2P4a
Need to Hire Workers in a Hot Job Market? Let Them Do Some Remote Work
Gwynn Guilford - The Wall Street Journal
With employers fighting for a limited pool of office workers, those offering remote-friendly jobs appear to have the upper hand. Companies that allow at least one day of remote work each week increased staffing at nearly twice the rate in the year ended in May than those with full-time office requirements, according to an analysis of more than 3,600 companies by Scoop Technologies, a software firm that tracks workplace policies, and People Data Labs, a data technology company.
/jlne.ws/45gN0en
Does AI Belong in the Workplace? It Was a Big Question in AI This Week
Jesse Levine - Bloomberg
More companies are integrating AI into their platforms and workplaces, but concerns remain. Companies continue to debate the merits of artificial intelligence in the workplace. Some have banned tools like ChatGPT citing information security concerns, whereas others have gone all-in on generative AI.
/jlne.ws/47laYXE
Corporate Jets Have No Place at the Beach; 3M is dismantling its private-plane fleet and changing its travel policies. Other companies should scrutinize their own practices.
Brooke Sutherland - Bloomberg
3M Co. is grounding its corporate jet operations. That's more a reflection of the Post-it maker's continued struggles than a statement on a business jet market that boomed during the pandemic and has just kept booming. But the rethinking puts a spotlight on a long-standing corporate governance quibble: When is it appropriate for the chief executive officer to take the company plane on vacation?
/jlne.ws/3KujXvU
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| Wellness Exchange | | An Exchange of Health and Wellness Information | All It Takes to Avert a Tripledemic Is a Simple Message; This autumn, patients faced with a flu shot, a Covid booster, and a new RSV vaccine might simply tune out public health advice. That would be such a waste.
Lisa Jarvis - Bloomberg Opinion
Around this time last year, I lauded the arrival of a simple strategy for the fall Covid booster campaign. After months of staged rollouts that left many confused over whether they were eligible or even due for another shot, the idea was to send a single, clear message: Everyone who completed the first series of shots should get a shot tailored to then-circulating variants of Omicron.
/jlne.ws/440bojw
Still Dreaming of Retirement in the Sun Belt? As climate change sends summer temperatures soaring, older people are increasingly vulnerable to heat-related illnesses in places like Phoenix.
Paula Span - The New York Times
In 2015, when Diana and Charles Cox were considering where to retire, they drove their R.V. across the Southwest to visit several possibilities: Santa Fe, Sedona, Phoenix, Las Vegas. They'd lived in San Jose, Calif., for nearly 20 years, but Ms. Cox was winding down her practice as a biotech patent attorney, and her income was dropping as taxes, housing and other living costs were rising.
/jlne.ws/3KwROo9
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Fight Over China's Barley Market to Heat Up After Tariffs Lifted; China removed tariffs on Australian barley in place since 2020; France, Canada and Argentina likely to see more competition
Keira Wright and Hallie Gu - Bloomberg
China's decision to scrap tariffs on Australian barley is set to shake up global trade, with the return of the supplier heating up competition with other exporters for a chunk of the world's biggest import market. Australia once supplied as much as 70% of China's barley imports before Beijing slapped hefty duties on the country's shipments in 2020, cutting off a market worth more than A$1 billion ($660 million) a year. China shifted to buy more of the grain from France, Canada and Argentina in the past three years, while Australia sought alternative markets, such as Saudi Arabia.
/jlne.ws/44Wrufn
Iran Begins Two-Day Shutdown as Heat Wave Worsens; Climate change poses specific security challenges for the Islamic Republic, which has faced unrest over water shortages
Sune Engel Rasmussen and Aresu Eqbali - The Wall Street Journal
Neighborhoods across Tehran fell quiet Wednesday as temperatures surpassing 100 degrees Fahrenheit bore down on Iran's capital. Many residents stayed home after the government declared an emergency two-day shutdown, closing banks, exchange shops and government offices and calling on private businesses to follow suit.
/jlne.ws/43XpLVI
Internet Blackout Takes Out Power, Payment Systems in Senegal
Loni Prinsloo and Katarina Hoije - Bloomberg
For years, governments around the world have assailed social media for their role in the spread of disinformation, inciting violence and provoking uprisings. In June, French President Emmanuel Macron blamed Snapchat and TikTok for spreading footage of police fatally shooting a teenager and inflaming protests. US lawmakers have faulted platforms including Twitter and Parler for contributing to the Jan. 6, 2021, Capitol riots.
/jlne.ws/3DN3kYy
Business-as-usual Could Prove Disabling for Fossil Fuel Economies
Vibeka Mair - ESG Investor
Delaying transition to a low-carbon economy could cost Colombia more than US$88 billion - or 27% of 2019 GDP - highlighting the vulnerability of fossil fuel producing countries worldwide, a report from consultancy firm WTW has warned. Colombia aims to reach net zero by 2050, but its current economic model is highly dependent on rents from extracting coal, oil and gas. The report said that substantially reducing economic reliance on these sectors, which contributed 55% of exports in 2020, "would be no small feat".
/jlne.ws/3DJ971k
Mississippi River Careens From Floods to Low Water, Threatening Barge Traffic; Years of drought have depleted the river that courses through 10 states
Shannon Najmabadi - The Wall Street Journal
Low water levels on the Mississippi River are threatening to disrupt commerce for a second consecutive year, months after cities along the vital economic artery saw floodwaters test their sandbag barriers and containment walls. Water levels in St. Louis and Memphis are 10 to 20 feet lower at this point in the year than in 2020 and 2019 due to lack of rain.
/jlne.ws/45irVAh
Texas Power Prices to Surge 800% on Sunday Amid Searing Heat
Naureen S Malik - Bloomberg
/jlne.ws/3DMaCfm
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