| July 18, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Acuiti announced today it was teaming up with the humanitarian and environmental charity Go Dharmic to launch a new derivatives industry Christmas dinner in London. The event will be held on December 6 at the Royal Horseguards and plans are to bring together 200 senior derivatives executives from the European market. The profits from the event will all go to the charity.
How hot is it in Tokyo? According to a Bloomberg report, temperatures have soared nearly 9C (16F) above the seasonal average, as the extreme heat blanketing the world continues to smash historical norms. The headline of the Bloomberg piece is "Tokyo Heat Smashes 150-Year Trend as Extreme Weather Bakes Globe."
Canada is not the only spot to suffer wildfires from the hot, arid conditions amid the hottest days ever recorded. Around the rest of the world, the hot, dry conditions in Greece are the site of multiple fires near Athens, The New York Times reports. The punishing heat waves are gripping much of the Northern Hemisphere, the Times said.
Cboe Global Markets CEO Ed Tilly was on CNBC's Halftime Report yesterday discussing zero days to expiration option contracts, the launch of new ETF option products and concerns about retail traders making short-term "gambles" in the markets, CNBC reported.
DRW's Don Wilson is in the news with a real estate offering. He is selling the most monumental home in Wicker Park's "Beer Baron Row," Crain's Chicago Business reports. Actually, he is selling a grand Second Empire-style mansion on Hoyne Avenue and its former coach house, two pieces of real estate he acquired and recombined. Crain's says "The two buildings have a combined 10,250 square feet - 8,250 square feet of that in the main house - on a lot that's 14,700 square feet, or about 4.7 times the standard Chicago lot."
Meanwhile, Citadel's Ken Griffin continues to be busy in the real estate space, this time in the commercial real estate space in Miami. According to a Bloomberg report, he "snapped up a property on Palm Beach's Worth Avenue for $83 million, located next to a former Neiman Marcus store that his firm has planned to use as an office."
In case you want to buy Don Wilson's Wicker Park mansion or compete for Miami Real Estate with Ken Griffin, the Powerball jackpot has reached $1 billion, one of the largest jackpots ever, Bloomberg reports.
Do you want to be a helicopter pilot? Well, the training for real helicopter pilots now involves using virtual reality headsets for flight simulation. Loft Dynamics,a small Swiss technology startup, is providing flight-simulation technology to the FAA for them to evaluate virtual reality technology for the first time, Bloomberg reported. For all you gamers who have been landing copters and F-16s for years, this is your chance to get your licences.
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 London Stock Exchange has published The Green Economy Mark Report 2023. The report provides insights into the role of financial markets in the global green economy, trends in sustainable investment in key sectors and technologies, and details on how investors are shifting their focus towards sustainable investment strategies. Learn more and download the report here. ~SAED
GreenBiz, Workiva and PwC are presenting a webinar, Double Materiality and the European Sustainability Reporting Standards (ESRS) on August 3, 2023 from 2-3 p.m. ET. The ESRS, near approval by the European Commission, will help transform corporate ESG disclosures, impacting thousands of EU-based companies as well as US and other non-EU headquartered companies as early as the FY '24 reporting period. Learn more and register here.~SAED
Our most read stories yesterday on JLN Options were:
One Big Bet: Options Traders Wager Rates Have Peaked
A Summer Calm Is Falling Over Wall Street
Cboe launches new sweep order types to bolster liquidity targeting for traders ~JB
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Will Mitting, the founder of Acuiti, talks about headwinds and tailwinds in the European Derivatives industry at IDX 2023
JohnLothianNews.com
JLN Correspondent Julie Ros talked to Will Mitting, the founder and managing director of Acuiti, at IDX 2023 in London, about the work he is doing at Acuiti and the biggest issues he is seeing in the European derivatives markets, including fallout from Brexit, the "unwelcome" mandate on where to clear swaps, and IFR capital rules.
Watch the video »
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Trading Technologies CEO Todd and EVP Garrow talk with JLN at IDX London about their vision of TT becoming a multi-asset provider
JohnLothianNews.com
Trading Technologies executives Keith Todd, CEO, and Nick Garrow, executive vice president of multi-asset and buy-side trading, were interviewed by JLN Correspondent Julie Ros at the FIA International Derivatives Week (IDX) in London recently. Todd and Garrow discussed the company's planned expansion into fixed income, which was announced at IDX, and the firm's vision of being a multi-asset provider.
Watch the video »
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Her App Has Recirculated $10M into Black-Owned Businesses, Now She's Expanding to Ten More Countries
Black Enterprise
Meet Mandy Bowman, the founder and CEO of Official Black Wall Street (OBWS), an innovative marketplace app that is now the fastest growing platform for finding and supporting Black-owned businesses in the United States. All in all, Mandy says that her app has already recirculated about $10 million in sales and business services back into Black-owned businesses. Now, she is focused on expanding her services to ten other countries including Canada, South Africa, France, the UK, and the Netherlands.
/jlne.ws/3OgHiUf
****** Connecting people is a powerful tool, especially where there is pent up potential and talent.~JJL
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Being a Financial Influencer Is Fun - Until You're Fined! Britain's money police are homing in on what finance firms, celebrities and finfluencers are touting on social media.
Paul J. Davies - Bloomberg
Being a social-media influencer used to be so much fun - and rewarding! Bash out a post about your lovely new shoes, favorite drink or hot new moneymaking scheme, and watch the likes and dollars roll in. But some busybody always has to get involved. Those fun sponges at Britain's financial conduct regulator and its advertising watchdog are launching an effort to remind celebrities and online personalities that they have real-world responsibilities in what they promote - and a whole list of rules to follow. Aside from upsetting their fans, there are massive fines and even prison to worry about.
/jlne.ws/3NRCbZc
***** When you want to take your advice from someone famous, you should maybe do your homework instead. I have been guilty of this too. All of us are apt to fall for it.~JJL
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Trading Platform Robinhood Plans UK Hires in Bid to Target Local Investors
Aisha S Gani - Bloomberg
US retail trading platform Robinhood Markets Inc is looking to fill key roles in the UK as it prepares to renew its push to win over local investors. The Silicon Valley-headquartered firm, which turbocharged buying and selling "meme stocks" during the pandemic, has opened up posts for UK-based regulatory experts and an operations lead with experience in securities and brokerage, listings on LinkedIn and the company's website show.
/jlne.ws/44td0Du
***** Robinhood is looking for a few stout Merry Men and women in the U.K. Somehow this sounds familiar.~JJL
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Acuiti and Go Dharmic team up to launch the Derivatives Industry Christmas Dinner
Acuiti
Acuiti is partnering with humanitarian and environmental charity Go Dharmic to launch a new Derivatives Industry Christmas Dinner in London. The dinner, which will be held on the 6 December at the Royal Horseguards, will bring together around 200 senior derivatives executives from the European market. Acuiti is organizing the event alongside Go Dharmic and will donate all profits from the dinner to the charity.
/jlne.ws/44PKb3S
***** This is a great endeavor but leaves out those Londoners who celebrate Festivus.~JJL
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Monday's Top Three
Our most read story Monday was Smoke Pollution From Canadian Wildfires Blankets U.S. Cities, Again, from The New York Times. Second was How the ultra-rich use trusts to protect the family fortune if their heirs get sued or divorced, from Insider. Third was BlackRock to expand proxy voting choice to retail ETF investors, from Reuters.
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MarketsWiki Stats
27,378 pages; 245,700 edits
MarketsWiki Statistics
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| Lead Stories | UK watchdog proposes tougher rules on 'finfluencers'; FCA says new consumer duty will be applied to social media posts
Siddharth Venkataramakrishnan and Ian Smith - Financial Times
The UK's financial regulator has proposed new guidance governing how financial products can be marketed on social media platforms to limit what it described as "significant consumer harm" from unsuitable and illegal promotions. In a consultation that began on Monday, the Financial Conduct Authority said its new consumer duty - which requires banks, insurers and other financial companies to provide good outcomes for customers - will be applied to social media posts.
/jlne.ws/3OiIdmV
The $236 Billion Enigma Dominating Abu Dhabi's Stock Market; Conglomerate IHC now represents about 30% of the exchange's value
Eliot Brown - The Wall Street Journal
Between 2019 and 2022, an obscure Abu Dhabi stock surged more than 400-fold to become one of the most valuable companies in the Middle East. This year, the shares are going nowhere-and once again turning heads. The company is International Holding Co., or IHC, a conglomerate led by the United Arab Emirates' top security official, Sheikh Tahnoun bin Zayed Al Nahyan. With a market value of about $236 billion, it is more valuable than many major Western businesses, and worth nearly twice as much as General Electric.
/jlne.ws/3OheyuC
FSB Chair Cautions Against Declaring Victory Following Banking Turmoil
Tom Fairless - The Wall Street Journal
The world's financial system faces an unprecedented "stress test" as banks and other institutions adjust to soaring borrowing costs, according to the head of the international body that monitors global finance. "This scenario is clearly a stress test for the entire financial system. It's unprecedented and there will be heightened risks for a couple of years," said Klaas Knot, a European Central Bank policymaker who chairs the Switzerland-based Financial Stability Board, in an interview.
/jlne.ws/46NXe7P
SEC's Gensler Warns AI Risks Financial Stability; SEC on lookout for fraud, conflicts of interest, chair says; Gensler cautions companies touting AI in corporate docs
Lydia Beyoud - Bloomberg
Wall Street's top regulator says the proliferation of artificial intelligence means governments will probably have to overhaul regulations to maintain global financial stability. Regulators must grapple with challenges posed by the burgeoning technology, according to US Securities and Exchange Commission Chair Gary Gensler. He also reiterated that the agency's staff was weighing whether new rules were needed.
/jlne.ws/3Y0qELJ
EU Courts Further Controversy by Adding Mining to Green Rulebook; Commissioner McGuinness says taxonomy inclusion is 'priority'; Addition of mining could face opposition from green groups
John Ainger, and Lyubov Pronina - Bloomberg
The European Union will include the mining of critical raw materials in its green investment rulebook as a "priority" to ensure the bloc isn't left behind on resources needed to boost clean technologies. Mairead McGuinness, the bloc's financial services commissioner, acknowledged that such a move is likely to draw more controversy for the EU's so-called taxonomy that aims to spur investment in climate-friendly economic activities. It's already been criticized for previous inclusions such as gas and nuclear.
/jlne.ws/3OjxIQo
First ETF with 100% protection against losses launches in US;The fund, which requires investors to forgo some potential gains, is aiming to disrupt the annuities market
Steve Johnson - Financial Times
Visit our ETF Hub to find out more and to explore our in-depth data and comparison tools The world's first exchange traded fund to offer 100 per cent protection against losses is due to launch in the US on Tuesday. The Innovator US Equity Principal Protected ETF will stretch the increasingly popular "buffered" ETF concept to its limit.
/jlne.ws/44OhSTh
Nickel fraud defendant blames losses on Trafigura's 'own mischiefs'; Singapore-based commodity trader denies fraud ahead of showdown in London's High Court
Harry Dempsey - Financial Times
One of the accused entities in Trafigura's alleged $590mn nickel fraud has claimed that the global commodity trader's losses were caused by its "own mischiefs and unlawful conduct". New Alloys Trading, a Singapore-based commodity trader, contested that it had conspired to defraud Trafigura and denied Trafigura's accusation that it was controlled by the scheme's alleged mastermind Prateek Gupta, in a defence obtained by the Financial Times on Monday.
/jlne.ws/3K30P8i
Americans are still better off, with more in the bank than before the pandemic
Abha Bhattarai - The Washington Post
Despite a year when inflation pushed prices to new heights, Americans are still better off now than before the pandemic, with nearly 10 to 15 percent more in their bank accounts than in 2019, new checking and savings account data shows. However, households are rapidly spending down that extra cash they'd socked away during the pandemic.
/jlne.ws/3OkA7dQ
JPMorgan Has a New Jeffrey Epstein Problem; The largest bank in the United States has a new scandal it must grapple with.
Jena Greene - The Street
Most of us have, at some point or another, associated ourselves with the wrong person. Maybe you hung out with the wrong crowd in high school. Perhaps you made friends with the local neighborhood bully to avoid getting teased. Or maybe that guy you always used to smile at on the bus is now doing hard time for stealing an old lady's purse.
/jlne.ws/46STGB2
The SEC chief sees A.I. creating 'conflicts of interest' and maybe the next great financial crisis-unless we tackle 'herding'
Will Daniel - Fortune
Gary Gensler isn't an A.I. skeptic. In a Monday speech at the National Press Club, the Securities and Exchange Commission (SEC) Chair said that he believes A.I. is "the most transformative technology of our time, on par with the internet and mass production of automobiles." But that doesn't mean that the famously tough regulator, who has presided over a "crypto crackdown" in the last 12 months, thinks A.I. will be a good thing for markets.
/jlne.ws/3KqivuL
Wall Street Banks' Residential Mortgages Face US Mandates Exceeding Global Standards; Proposed US capital rules likely to be released on July 27; Long-awaited rules tied to Basel III international standards
Katanga Johnson - Bloomberg
US bank regulators are set to release their plans next week for a sweeping overhaul of capital rules, with the latest draft including requirements for large lenders' residential mortgages that go beyond international standards. The changes would be part of the US version of a global accord known as Basel III that followed the financial crisis.
/jlne.ws/3OgG7Ej
Exchanges rush to relist XRP, but an SEC appeal is possible; Coinbase and Kraken moved quickly to relist XRP after the Ripple summary judgment
Ben Strack - Blockworks
Crypto exchanges have begun to relist XRP after a US district judge yesterday ruled the asset is not a security when traded on exchanges. Meanwhile, other trading venues appear to be waiting, as legal professionals say the SEC may appeal the ruling while the case proceeds toward an expected trial. The ruling by US District Judge Analisa Torres added that while "programmatic sales" of the token did not constitute an unregistered securities offering, institutional sales of XRP did.
/jlne.ws/3DeX9fP
Morgan Stanley's Profit Falls, Hurt by Lower Trading Revenue; Separately, Bank of America reported higher quarterly profit
AnnaMaria Andriotis and Ben Eisen - The Wall Street Journal
Morgan Stanley said second-quarter profit fell 13% from a year ago, confirming that Wall Street-style businesses like investment banking and trading are still in the doldrums. The bank on Tuesday posted a profit of $2.18 billion, or $1.24 a share. That beat the $1.15 a share expected by analysts, according to estimates compiled by FactSet.
/jlne.ws/3OiCbTj
Big Banks' Earnings Have Some Bad News for Smaller Banks; Regional lenders due to report results this week will likely be hit harder by rising deposit costs
Telis Demos - The Wall Street Journal
A surge of profits at some of the nation's largest banks might make people forget that there was a banking crisis earlier this year. But just offstage, reminders are lurking-and they might grab the spotlight as regional banks begin to report this week. JPMorgan Chase and Wells Fargo on Friday reported year-over-year net income growth of 67% and 57%, respectively. That is hardly what anyone would call troubling. Yet the KBW Nasdaq Bank Index dropped more than 2% on the day, and shares of trust bank State Street, which also reported Friday, fell 12%.
/jlne.ws/3Q22D5g
The Man Charged With Steering the Yuan Through China's Economic Turmoil; Pan Gongsheng has experience in high-stakes tasks, but China's fragile economy raises new risks
Lingling Wei, Stella Yifan Xie and Jason Douglas - The New Wall Street Journal
A veteran economist and banker had been getting ready to retire in the weeks before Chinese leader Xi Jinping picked him to lead China's central bank, according to officials familiar with the matter. Now, Pan Gongsheng is set to take the reins at the People's Bank of China as it confronts an urgent challenge: whether and how to defend the Chinese yuan.
/jlne.ws/3K2mOvW
Binance Cuts Back Employee Benefits, Citing Decline in Profit; Founder Changpeng Zhao tells staffers the crypto firm is still profitable
Caitlin Ostroff and Patricia Kowsmann - The Wall Street Journal
Binance slashed its employee benefits last month in the wake of falling profit, a sign of the financial strain hitting the crypto giant. The company told employees that it would stop offering certain benefits, effective June 19, including mobile-phone reimbursement, fitness reimbursement and work-from-home expenses, among other items, according to former employees and a message from Binance's internal messenger viewed by The Wall Street Journal.
/jlne.ws/44saTQn
Cambridge university should halt funding from fossil fuel groups, report finds; Independent study led by former UN climate champion comes amid growing scrutiny of patronage of higher education
Anna Gross - Financial Times
Cambridge university should halt all funding from BP, Shell and other fossil fuel companies, according to an independent report that comes amid mounting scrutiny of higher education institutions' financial backing. The study - led by Nigel Topping, former UN climate action champion and published on Monday - called on the elite university to re-rate energy groups from "amber" to "red" in its climate change classification system. That would bar it from receiving money for research or philanthropic purposes.
/jlne.ws/3NUiYWR
Texas' anti-ESG stance is costing municipalities millions in extra interest payments
Nate DiCamillo - Quartz
In 2021, the Texas legislature prohibited any cities or towns in the state from using banks that limit financing for the oil, gas, or gun industries. As a result, five major municipal bond underwriters, representing more than a quarter of all competitive-bid municipal bond offers in Texas, withdrew from the state.
/jlne.ws/44xGeB2
House Republicans propose planting a trillion trees as they move away from climate change denial
Stephen Groves - Associated Press
As Speaker Kevin McCarthy visited a natural gas drilling site in northeast Ohio to promote House Republicans' plan to sharply increase domestic production of energy from fossil fuels last month, the signs of rising global temperatures could not be ignored. Smoke from Canadian wildfires hung in the air. When the speaker was asked about climate change and forest fires, he was ready with a response: Plant a trillion trees.
/jlne.ws/3Q397AO
Deutsche Bank Draws Fresh ECB Scrutiny Over FX Sales; ECB tells Deutsche Bank to improve oversight and checks; Instruction follows months after internal FX derivatives probe
Steven Arons, and Nicholas Comfort - Bloomberg
Deutsche Bank AG has drawn fresh criticism from the European Central Bank over foreign-exchange sales even after the lender completed an internal probe into past practices that led to initial changes.
/jlne.ws/3rAPfLa
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin: Russian Defence Ministry preparing response to bridge attack
Reuters
Russian President Vladimir Putin said on Monday his defence ministry was preparing proposals for a response to an overnight attack that damaged the road bridge linking Crimea to southern Russia, for which he blamed Ukraine. At the end of a televised video meeting with national and regional officials to assess the consequences of the attack, Putin called it a cruel and senseless act, as he said the bridge "has not been used for military transportation for a long time".
/jlne.ws/3rpxu16
Ukraine Adopts Slow Approach to Counteroffensive: 'Our Problem Everywhere Is the Sky'; Swift loss of several tanks and infantry fighting vehicles has jolted Ukraine and its Western backers
James Marson - The Wall Street Journal
Six weeks into Ukraine's counteroffensive, Capt. Anatoliy Kharchenko and his reconnaissance company were supposed to be wreaking havoc miles behind Russian defensive lines pierced by Western-supplied armored vehicles.
/jlne.ws/3XWiST3
Drones Target Crimea After Putin Vows to Avenge Bridge Blast; Russia said it repelled Ukrainian strike on peninsula; Ukraine said Russia also targeted southern regions with drones
Bloomberg News
Ukraine and Russia accused each other of overnight drone attacks hours after Russian President Vladimir Putin vowed revenge for a strike that damaged his flagship bridge to Crimea. Russia's Defense Ministry said 28 Ukrainian drones attempted to attack facilities in Crimea, one of the most intense drone strikes against the peninsula since the war began. All the unmanned aerial vehicles were repelled and there were no reports of damage or injuries, according to a statement on the ministry's Telegram channel.
/jlne.ws/3Q2GEei
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group and DTCC To Increase Cross-Margining Opportunities For The Treasury Markets
DTCC and CME Group
Enhancements to long-standing cross-margining agreement will launch in January 2024, pending regulatory approval; Clearing members will be eligible to gain greater margin efficiencies between U.S. Treasury securities and CME Group Interest Rate futures. CME Group, the world's leading derivatives marketplace, and The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced enhancements to their existing cross-margining arrangement that will increase capital efficiencies for clearing members that trade and clear both U.S. Treasury securities and CME Group Interest Rate futures.
/jlne.ws/3Y0GLsH
Singapore Exchange mandate drives increase in climate-related reporting
FinTech Global
An EY study has indicated that Singapore-listed companies have made significant progress in climate-related disclosures. Following the Singapore Exchange's mandate for climate disclosures, 65% of Singapore-listed companies have started climate reporting. The study analysed data from 370 companies, finding that 240 have initiated climate-related disclosures.
/jlne.ws/46QvAHd
Planned Zimbabwe Carbon Registry Throws Belarus Plan Into Doubt; Belarus trade pact announced plan to trade Russian credits
Ray Ndlovu - Bloomberg
A carbon registry and exchange that planned to launch in Zimbabwe next month has thrown the fate of two million Russian offsets that a Belarusian trade associate said it would list on the exchange into doubt. The Africa Voluntary Carbon Credits Market will only trade offsets originating on the continent, it said in a statement. At a conference this month former South African President Jacob Zuma, representing the Belarus African Foreign Trade Association, BAFTA, announced that credits secured by the association would kick-start trade on the bourse. Belarusian government officials later confirmed those credits were from a Siberian forestry project.
/jlne.ws/43wjUWY
Re: Securities and Exchange Commission's Proposed Rule on Covered Clearing Agency Resilience and Recovery and Wind-Down Plans
CCP12
The Global Association of Central Counterparties ("CCP12") is the international association for CCPs, representing 42 members who operate over 60 individual central counterparties (CCPs) across the Americas, EMEA, and the Asia-Pacific region. CCP12 appreciates the opportunity to respond to the Proposed Rule on Covered Clearing Agency Resilience and Recovery and Wind-Down Plans 1 ("the Proposal") proposed by the Securities and Exchange Commission ("SEC" or "Commission"). Among CCP12's members are all seven currently existing Covered Clearing Agencies ("CCAs") that would be subject to the Proposal.
/jlne.ws/3XU9rnl
15 years since the beginning of trading in shares of PJSC Rosseti on the Moscow Exchange
MOEX
On July 16, 2008, the first trading in the shares of PJSC Rosseti (at that time JSC FGC UES) took place on the Moscow Exchange. The trading code is FEES. Shares of PJSC "Rosseti" are included in the first-level quotation list of the Moscow Exchange, and are also included in the main indices of the Moscow Exchange, including the Moscow Exchange Index, the RTS Index, the Broad Market Index, the Power Industry Index, the Moscow Exchange Indices - RSPP, Public Sector Indices and others.
/jlne.ws/3roqYYr
Resignation of an Approved Participant Jitneytrade Inc.
Bourse de Montreal
On December 13, 2022, the Special Committee of the Regulatory Division of Bourse de Montreal Inc. approved, subject to certain conditions, the resignation of JitneyTrade Inc., an approved participant of Bourse de Montreal Inc. As the conditions were met on July 13, 2023, the resignation of JitneyTrade Inc. became effective at the end of that business day.
/jlne.ws/3DiPo8v
SGX Group to report FY2023 results on 17 August 2023
SGX Group
Singapore Exchange (SGX Group) is reporting its full year results for Financial Year 2023 (FY2023) before the market opens on 17 August 2023. The announcement will be posted on www.sgx.com and the details of the results briefing are as follow:
/jlne.ws/3PWIhKn
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of QWF
TAIFEX
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of QWF due to its underlying being subject to disposition measures imposed by securities market. The margins will be effective after the close of the regular trading session on 2023/07/19 and will be restored to the current levels after the close of the regular trading session on 2023/07/31.
/jlne.ws/3pU3FW5
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | NinjaTrader Recognized as a 2023 Great Place to Work; Official Certification from Independent Global Authority Reinforces Focus on Employee Satisfaction
NinjaTrader Group, LLC
NinjaTrader Group, LLC, a global leader in futures brokerage and advanced technology for active traders, announced today that it has earned official certification as a 2023 Great Place to Work®. Based on confidential feedback from current employees through an independent survey and analysis, the recognition reflects the organization's focus on internal career development, competitive compensation and benefit packages, company-sponsored social and volunteering events, and fostering a culture of openness between leadership and the larger team.
/jlne.ws/44rFFIU
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| Cybersecurity | | Top stories for cybersecurity | The Biden administration announces a cybersecurity labeling program for smart devices
AP News
The Biden administration and major consumer technology players on Tuesday launched an effort to put a nationwide cybersecurity certification and labeling program in place to help consumers choose smart devices that are less vulnerable to hacking.
/jlne.ws/3pSwFO4
Can Cybersecurity Be 'Solved'? Examining A Hypothetical Future
Ben Finke - Forbes
I am a firm believer that we can clean up a lot of our technological problems, most of which we've caused ourselves, but the real question remains: Can we actually "solve" cybersecurity?
We can take a historian's view on how the security arc closed in a hypothetical future to see how we might approach this problem in our present.
/jlne.ws/3Y3ohbe
Major government hack a wake-up call for agencies
Ines Kagubare - The Hill
The global cyberattack that targeted a number of federal agencies should be seen as a wake-up call for the government, as the constant threat of cyberattacks for both the public and private sector is unlikely to abate. According to an IBM report, a data breach could cost government agencies on average $2.07 million per incident. It also said that in 2018, cyberattacks cost the U.S. government $13.7 billion, Security Intelligence reports.
/jlne.ws/46QQqGq
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| Cryptocurrencies | | Top stories for cryptocurrencies | VC Firm CoinFund Raises $158 Million to Back Crypto Startup; What crypto winter?
Hannah Miller - Bloomberg
Global venture capital investments in crypto startups has fallen for five consecutive quarters data show, but some venture capitalists are still betting millions on blockchain. VC firm CoinFund has raised $158 million to back early-stage crypto startups, the firm plans to announce Tuesday.
/jlne.ws/44uUEls
Synthetix takes on counterparty risks with Infinex derivatives exchange
Amaka Nwaokocha - CoinTelegraph
Synthetix founder Kain Warwick revealed intentions to introduce a new derivatives front-end called Infinex to the decentralized trading infrastructure of Synthetix. The upcoming exchange will cater to novice and experienced traders by offering features similar to centralized exchanges (CEX), such as a noncustodial central limit order book.
/jlne.ws/3XULRa2
Binance Ends Argentina's Soccer Association Partnership Citing Lack of Compliance
Andres Engler - CoinDesk
Binance has terminated its five-year partnership with the Argentine soccer association, just after a year, citing a breach of contract. "We regularly evaluate the results of our partnerships around the world and unfortunately, despite being offered time and opportunities, the AFA has not fully complied with its contractual obligations, which goes against our business values and our partnership principles," Binance said in a Spanish-language statement posted on Twitter on Monday.
/jlne.ws/3rzJlKf
Crypto is close to solving its biggest problem: Building something useful
Jeff John Roberts - Fortune
The headlines in crypto for the last year have been all about fraud, regulatory crackdowns, and the general dysfunction of the industry. This makes it easy to overlook the fact that blockchain technology is moving forward and that, even amid all the scandals, crypto is getting better and easier to use. I was reminded of this recently when I spoke to Henri Viès of Matter Labs, an outfit that's raised around $460 million to develop a complement to the Ethereum blockchain that makes transactions faster and cheaper by using so-called zero-knowledge technology.
/jlne.ws/3rxo1Fb
What Makes Some People More Productive Than Others
Robert C. Pozen and Kevin Downey - Harvard Business Review
Last year HBR.org published a survey to help professionals assess their own personal productivity - defined as the habits closely associated with accomplishing more each day. Nearly 20,000 people from six continents completed it, and the results provide some useful insights into important productivity habits and challenges facing professionals.
/jlne.ws/3DphrTD
Payments to 'High Risk' Crypto Exchanges Banned by National Australia Bank
Pedro Solimano - Decrypt
National Australia Bank (NAB), one of the "big four banks" in the country, has announced they will be implementing payment restrictions to "high risk" crypto exchanges-citing customer protection after a multi-month increase in scams. Although NAB has only announced a new set of restrictions, it has not named which crypto platforms will be affected.
/jlne.ws/3Q2JYpM
Super Bowl MVP Patrick Mahomes Launching New NFT Collection
Andrew Hayward - Decrypt
/jlne.ws/3pVtTHW
AI Metaverse Startup Futureverse Raises $54 Million; The startup formed out of a merger of 11 different companies.
Hannah Miller - Bloomberg
/jlne.ws/43Le5W9
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| Politics | | An overview of politics as it relates to the financial markets | Coinbase CEO Brian Armstrong Set to Meet With House Democrats; Closed-door session will focus on digital-asset legislation; Armstrong is seeking clearer rules on crypto from Washington
Tyler Kendall - Bloomberg
Coinbase Inc. Chief Executive Officer Brian Armstrong will meet with House Democrats behind closed doors Wednesday morning, according to Democratic aides familiar with the plans. Armstrong will speak privately with lawmakers from the New Democrat Coalition about digital-asset legislation and related issues including tax, national security, privacy and climate.
/jlne.ws/3XSSaLf
Mike Bloomberg's Organization Is Guiding Hundreds of Mayors Across the Country
Philip Elliott - TIME
As the nation grappled with the first wave of Covid-19 lockdowns in March of 2020, a lot of public officials were desperate for information. Did they really have to start canceling sporting events, concerts, even schools? And for how long was this going to last? What about vaccines, herd immunity, experimental treatments? Everyone, it seemed, had answers but not necessarily facts. The public posturing coming from the Trump administration seemed to shift every day.
/jlne.ws/3DjiEMh
Sen. Elizabeth Warren asks the SEC to investigate Tesla over possible conflicts of interest in Twitter ties
Filip De Mott - Insider
Sen. Elizabeth Warren wants the Securities and Exchange Commission to investigate Tesla and its board over conflicts of interest and for negatively impacting shareholders by failing to act independently from CEO Elon Musk. The Democratic lawmaker took aim at Musk's split leadership of Tesla and Twitter, arguing that this has led to conflicts of interests and misappropriation of corporate assets.
/jlne.ws/3XSRZ2x
U.S. Deploys Advanced F-35 Jets, Destroyer to Middle East to Brush Back Iranian Forces
Michael R. Gordon - The Wall Street Journal
The U.S. is sending F-35 jet fighters and a Navy destroyer to the Middle East to bulk up its forces following a series of challenges by Iranian and Russian forces in the region, U.S. officials said Monday. The U.S. is already using F-16 fighters and A-10 attack planes to fly armed patrols in the Persian Gulf to deter Iran from attempting to seize oil tankers.
/jlne.ws/3Dgup6g
US Plans Narrow China Tech Investment Limits, Likely by 2024; Executive order to focus on chips, AI and quantum computing; Washington process means rules not likely to bite until 2024
Eric Martin, Jenny Leonard, Daniel Flatley, and Anna Edgerton - Bloomberg
The Biden administration's plans to restrict investments in China will be narrowly focused on cutting-edge technology, only new investments, and likely won't go into effect until next year as the policy grinds through Washington's bureaucracy. Officials are aiming to wrap up a proposal by the end of August for the long-delayed program to screen and possibly prohibit investment in China's semiconductor, quantum-computing and artificial intelligence sectors, according to people familiar with the plans, who asked not to be identified because the details are still private.
/jlne.ws/3JYmoqb
Congressmen to EPA: Don't Trust Texas to Run Carbon Storage
Mitchell Ferman - Bloomberg
/jlne.ws/3OgE8Qm
Ex-NSA Executive Considered for Nomination as Cyber Director; Harry Coker, a Navy veteran, spent more than a decade with CIA; The previous director clashed with another top cyber official
William Turton, and Katrina Manson - Bloomberg
/jlne.ws/3Kqaoyj
UK Support to Rejoin the EU Passes 50% for the First Time Since Brexit; Some 51% say they would rejoin the EU; 32% would stay out; YouGov logs 57% of Brits saying 2016 Brexit decision was wrong
Ellen Milligan - Bloomberg
/jlne.ws/3O0G7XA
Poland and Slovakia Push to Further Extend Ban on Ukraine Grains; Five eastern EU nations to meet Wednesday to discuss extension; Moscow has pulled the plug on grain export agreement with Kyiv
Piotr Skolimowski, and Daniel Hornak - Bloomberg
/jlne.ws/4772Xpt
Manager at $880 Billion Fund Is Shorting Japan's Key Bond In BOJ Bet
Ruth Carson - Bloomberg
/jlne.ws/3XYQnnG
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| Regulation & Enforcement | | Stories about regulation and the law. | Judge in Coinbase Case Expresses 'Skepticism' Over SEC's Prior S-1 Approval
Andre Beganski - Decrypt
The judge overseeing Coinbase's high-stakes legal battle with the Securities and Exchange Commission (SEC) peppered the agency's counsel with questions about how Coinbase was allowed to go public. During a pre-motion hearing on Thursday, U.S. District Judge Katherine Polka Faila explored whether any significance should be given to the lack of concerns raised by the SEC when Coinbase filed its S-1, according to court documents.
/jlne.ws/46QgZLL
CFTC's Pham Wants to Regulate Crypto in a Holistic Way
Bloomberg Markets: The Close
Commodity Futures Trading Commission Commissioner Caroline Pham talks about discussions around regulating the Treasury market and how the CFTC and Securities and Exchange Commission can work together on Cryptocurrency regulation. She's on "Bloomberg Markets: The Close."
/jlne.ws/3K4bj7j
Commissioner Pham Announces CFTC Global Markets Advisory Committee Meeting on July 17
Commodity Futures Trading Commission
CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), announced that the GMAC will hold a public meeting on Monday, July 17, from 9:00 a.m. (EDT) to 4:00 p.m. (EDT) at the New York Stock Exchange, 11 Wall Street, New York, New York. "I am excited to announce that the GMAC's second meeting will be held on July 17 at the New York Stock Exchange," said Commissioner Pham.
/jlne.ws/3Ojh6by
SEC Chair Says AI Will Be 'Transformative,' Issues Warning on Fraud
Tae Kim - Barron's
Securities and Exchange Commission Chair Gary Gensler says the rise of artificial intelligence will disrupt nearly everything, creating challenges for companies, consumers, and financial regulators, and that the agency is preparing to respond. AI is the "most transformative technology of our time, on par with the internet and mass production of automobiles," he said in remarks prepared for delivery at the National Press Club on Monday.
/jlne.ws/3XYfGX7
US SEC developing rules on AI 'conflicts of interest'
Reuters
Wall Street's top regulator is developing rules to govern the use of artificial intelligence on trading platforms, which poses a risk of conflicts of interest, the agency chief said in a speech on Monday. The U.S. Securities and Exchange Commission will also need "new thinking" to confront challenges to financial stability presented by the use of technologies such as predictive analytics and machine learning, according to Chair Gary Gensler.
/jlne.ws/44syuA5
US securities regulator 'disappointed' with defeat over Ripple's XRP
Reuters
The head of the U.S. securities regulator said Monday the agency was "disappointed" with a judge's recent ruling that Ripple Labs Inc did not violate federal securities laws in a major blow to its efforts to rein in the cryptocurrency sector. U.S. Securities and Exchange Commission Chair Gary Gensler said his agency was still assessing the court's decision but was pleased with a portion of the ruling in which the judge held that Ripple should not have sold its XRP tokens directly to sophisticated investors.
/jlne.ws/3pSiOHy
SEC's Gensler both 'pleased' and 'disappointed' by Ripple crypto ruling
Jennifer Schonberger - Yahoo! Finance
Securities and Exchange Commission Chair Gary Gensler said Monday that his agency is both pleased and disappointed with a court ruling that Ripple Labs's XRP token was not necessarily a security but implied that crypto exchanges aren't off the hook for complying with SEC regulations. "There's ongoing litigation with a number of these crypto platforms and these platforms are commingling a number of services that you've seen on these crypto platforms where they could well be trading against their customers, bundling up a bunch of services that we would not allow in any other parts of our capital markets," Gensler told Yahoo Finance in an exclusive interview.
/jlne.ws/43uGXBx
Ripple Court to SEC: In the Words of Yogi Berra, "The Future Ain't What It Used to Be"
Gary DeWaal and Dan Davis - Katten
As the great American philosopher and baseball legend Yogi Berra once said, "the future ain't what it used to be." Yogi was prescient (as usual) as this observation has been fulfilled by the decision of a federal court on July 13, 2023, in the Securities and Exchange Commission's enforcement action against Ripple Labs, Inc. and two of its senior leaders (collectively, the Ripple Defendants).
/jlne.ws/43uWYre
Statement of Commissioner Christy Goldsmith Romero on U.S. Treasury Markets
CFTC
I am pleased to welcome back the members of the Global Markets Advisory Committee. I want to recognize Commissioner Pham for her sponsorship of the Committee, and thank the staff for organizing today's meeting. It's exciting that GMAC could meet at the New York Stock Exchange. I wish I could be there with you in New York. However, I sponsor the Technology Advisory Committee that meets in Washington tomorrow.
/jlne.ws/3rCOwc8
"Isaac Newton to AI" Remarks before the National Press Club
Chair Gary Gensler - SEC
Thank you, Mark, for that kind introduction. As is customary, I'd like to note that my views are my own as Chair of the Securities and Exchange Commission, and I'm not speaking on behalf of my fellow Commissioners or the SEC staff. Nor for or by a generative AI model.
As the pandemic swept across Europe and the UK, students packed up their books and went home. One student at Trinity College in Cambridge left for his remote family farm. While in isolation, he continued his work in physics and math.
/jlne.ws/3DjxXEJ
SEC Charges Former Broker-Dealer Representative in Connection with Fraudulent Scheme to Manipulate Stock Prices
SEC
The Securities and Exchange Commission today charged New Jersey resident and former broker-dealer registered representative, James P. Anglim, who from November 2016 to February 2022, helped facilitate market manipulation schemes involving the sale of stock in at least five public companies by other persons at manipulated prices. Anglim has agreed to settle the case by, among other things, paying $488,000.
/jlne.ws/46LQBCK
FMA publishes scenario analysis information sheet for Climate Related Disclosures regime
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has today released its scenario analysis information sheet to help climate reporting entities (CREs) meet their obligations under the Climate-Related Disclosures (CRD) regime. Under the regime, CREs are required to undertake scenario analysis and disclose how the process was conducted in their annual climate statements.
/jlne.ws/3DgZHdp
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Schwab says doing this could potentially double your retirement savings
Christine Williams - Smartasset
After beginning the year at record levels, global events have caused market volatility to jump and equities to fall. The S&P 500 Index is experiencing its first major correction since 2020, so investors are understandably looking to safeguard their assets. Investment firm Charles Schwab says that increased diversification is the key to weathering such an investment climate. However, according to recent research, most self-directed retirement savers just aren't protecting their hard-earned funds in the right ways.
/jlne.ws/46NKSfX
Lead-Sheathing Issue Could Put Telecom Stocks In The Doghouse For Decades
Reinhardt Krause - Investor's Business Daily
The sell-off in telecom stocks spurred by reports of lead-sheathed cables installed in phone networks likely will continue to pressure shares in AT&T (T) and Verizon Communications (VZ), say Wall Street analysts. T stock, VZ stock as well as Lumen Technologies (LUMN) and Frontier (FYBR) already lost a combined $18 billion in market value last week.
/jlne.ws/3Q4LOX9
Crypto is close to solving its biggest problem: Building something useful
Jeff John Roberts - Fortune
The headlines in crypto for the last year have been all about fraud, regulatory crackdowns, and the general dysfunction of the industry. This makes it easy to overlook the fact that blockchain technology is moving forward and that, even amid all the scandals, crypto is getting better and easier to use. I was reminded of this recently when I spoke to Henri Viès of Matter Labs, an outfit that's raised around $460 million to develop a complement to the Ethereum blockchain that makes transactions faster and cheaper by using so-called zero-knowledge technology.
/jlne.ws/3rxo1Fb
Trade body considers calling for EU ban on Russian aluminium, but not Rusal
Pratima Desai and Eric Onstad - Reuters
Europe's aluminium industry group has considered lobbying for European Union sanctions on Russian aluminium, but would oppose specifically targeting the country's largest producer Rusal, according to a document sent to members. The head of trade group European Aluminium said it prepared the internal memorandum for planning purposes and had no information about any imminent EU sanctions. The European Commission declined to comment.
/jlne.ws/3Oi19Cl
Despite BlackRock, Don't Expect a Flood of Spot-Bitcoin ETFs Soon: Experts
Amitoj Singh - CoinDesk
Are we about to see a wave of spot bitcoin exchange-traded funds (ETF)? If you've been in crypto for a while, you'll know that ETFs have long been considered key for building a broad-based market for digital assets. And recent news that BlackRock, no less, had submitted a proposal to set up such a vehicle raised hopes. If a bellwether, well-connected institution like BlackRock was getting into Bitcoin ETFs, surely an approval, and the first U.S. crypto ETF, couldn't be far off.
/jlne.ws/3DC8ff7
Meta Faces Weight Cut in Nasdaq 100's Special Rebalance; Index provider releases pro forma guidance for gauge changes; Broadcom, Adobe, PepsiCo set to see largest weight increases
Lu Wang - Bloomberg
/jlne.ws/3XUS2e6
This Yield Curve Inversion Is 'Different,' Goldman Sachs Says; Economist Jan Hatzius says term premium is lower than normal; Consensus is too pessimistic, pressuring long-term rates
Ye Xie - Bloomberg
/jlne.ws/3NZKouk
Muni Investors With $250,000 to Spend Want Individual Attention; Separately managed accounts are becoming popular among them; Lowering investment minimum has opened these up to more people
Amanda Albright - Bloomberg
/jlne.ws/44Pt2Hy
Webull Australia Launches 2,000+ ASX-Listed Stocks, ETFs, and Hybrid Securities
Rick Steves - Finance Feeds
/jlne.ws/3DjldxT
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | World Swelters in Record-Breaking Heat; Much of the Northern Hemisphere is experiencing withering high temperatures, which scientists warn are increasingly likely.
The New York Times
Here's what to know about the heat around the world. Less than two weeks after the Earth recorded what scientists said were likely its hottest days in modern history, punishing heat waves are gripping much of the Northern Hemisphere. The record-breaking temperatures are being driven by emissions of heat-trapping gases, mainly caused by humans' burning fossil fuels, and by the return of El Niño, a cyclical weather pattern.
/jlne.ws/43xtGIL
BlackRock Names CEO of World's Biggest Oil Producer to Its Board; Fink says BlackRock to get 'unique perspective' on key issues; Bader Al-Saad won't stand for re-election to board next year
Silla Brush - Bloomberg
BlackRock Inc. has named Saudi Aramco Chief Executive Officer Amin Nasser to its board, underscoring the asset manager's commitment to the oil industry in the middle of a highly politicized debate about its role in ESG investing. Nasser has led the world's biggest oil producer since 2015, including overseeing its public listing, and provides BlackRock with "a unique perspective" on key issues facing the company and its clients, CEO Larry Fink said Monday in an emailed statement.
/jlne.ws/3Q4MRq3
*****This story from The New York Times.
EU-CELAC Summit: EU and Uruguay boost cooperation on renewable energy, energy efficiency and renewable hydrogen
European Commission
Today, the EU and Uruguay have decided to step up their cooperation in pursuing the clean energy transition. At the EU-CELAC Summit in Brussels, Commissioner for Energy Kadri Simson and Uruguay's Minister for Foreign Affairs Francisco Bustillo Bonasso signed a Memorandum of Understanding on renewable energy, energy efficiency and renewable hydrogen, in the presence of European Commission President Ursula von der Leyen and President of the Oriental Republic of Uruguay Luis Lacalle Pou. The Memorandum of Understanding is part of the European Union - Latin America and the Caribbean Global Gateway Investment Agenda that President von der Leyen presented yesterday at the EU-LAC Business Round Table.
/jlne.ws/43xpNDB
Disparity Between SDG Funds' Intentions and Impact in Developing Countries
Aaran Fronda - ESG Investor
Research by sustainability tech platform Clarity AI has found a significant gap between the intentions of Sustainable Development Goal (SDG) funds and their actual impact in countries with the greatest need for sustainable development. The study reveals that, on average, companies in SDG funds only sell 1% of their products and services in these countries. The SDG Index, a tool used to assess countries' progress towards the UN SDGs, underscores that nations are at varying stages of advancement in achieving these targets.
/jlne.ws/44R0tcy
A Reckoning in North Birmingham as EPA Studies the 'Cumulative Impacts' of Pollution and Racism; With the EPA review ongoing at the 35th Avenue Superfund site, the Southern Environmental Law Center on Friday threatened new federal litigation against Bluestone Coke for alleged wastewater pollution.
Vernon Loeb - Inside Climate News
The question hangs over three Black neighborhoods in industrial north Birmingham that, together, compose the 35th Avenue Superfund site: What does the future hold-revitalization, or relocation? The Environmental Protection Agency has all but finished removing toxic soil from the small yards of about 650 homes in Collegeville, Harriman Park and Fairmont. The soil had come decades ago from nearby coke plants as yard fill, but was laced with arsenic, lead and benzo(a)pyrene (BaP), a hydrocarbon, elevating cancer risks. The massive clean-up has now been paused, with just a few difficult-to-access properties remaining.
/jlne.ws/3Oh5PZm
Big LNG buyers and producers to tighten methane monitoring; Japan, US, EU, Australia and South Korea aim to cut emissions of potent global warming gas
Kana Inagaki - Financial Times
/jlne.ws/3Q06csm
1 big thing: No safe port in a climate storm
Alex Fitzpatrick, Jennifer A. Kingson, Joann Muller - Axios
/jlne.ws/44pIl9Y
United States: Looking For ESG Fraud - CFTC Solicits Carbon Markets Whistleblowers
Howard Sidman and Joshua B. Sterling - Jones Day via Mondaq (podcast)
/jlne.ws/3rqJjnI
Day and night Phoenix has sweltered from heat that will break a record for American cities
Seth Borenstein And Anita Snow - Associated Press
/jlne.ws/3q1iSEN
Wind-fanned wildfires force thousands to flee seaside resorts outside Greek capital
Petros Giannakouris and Derek Gatopoulos - Associated Press
/jlne.ws/46RkSAd
Deadly flooding hit several countries at once. Scientists say this will only be more common
Isabella O'Malley, Brittany Peterson and Drew Costley - Associated Press
/jlne.ws/3Om6n0c
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Regional Banks Battle for Deposits With Tougher US Rules Looming
Max Reyes - Bloomberg
The biggest US banks are facing tougher competition for deposits and shelling out more to keep them. That doesn't bode well for their smaller peers. America's regional lenders begin reporting second-quarter earnings this week after months of upheaval laid bare a collection of balance sheet weaknesses that took a handful of them down.
/jlne.ws/3XTSUQj
US bank mergers frozen by capital rules, regulatory uncertainty
Tatiana Bautzer and Saeed Azhar - Reuters
U.S. banks will probably hold off on striking deals until the end of next year at the earliest as they await clarity on new rules on capital requirements, according to deal advisers and industry experts. Potential buyers and sellers are also being deterred by the long wait for deal approvals by regulators, the experts said.
/jlne.ws/3pQXOkk
Marcos Signs Philippines' Wealth Fund Bill Into Law; Maharlika Investment Fund to boost investment, economy: Marcos; Fund to invest in infrastructure, currencies, bonds and stocks
Andreo Calonzo - Bloomberg
Philippine President Ferdinand Marcos Jr. on Tuesday signed into law a bill creating a sovereign wealth fund, marking a key legislative win for his administration after months of debates and controversy. Marcos enacted the measure creating the Maharlika Investment Fund, which is envisioned to pool funds from state banks and government-controlled corporations. The money will be invested in currencies, bonds, equities and infrastructure projects.
/jlne.ws/3pUnIno
Wall Street Banks' Residential Mortgages Face US Mandates Exceeding Global Standards; Proposed US capital rules likely to be released on July 27; Long-awaited rules tied to Basel III international standards
Katanga Johnson - Bloomberg
US bank regulators are set to release their plans next week for a sweeping overhaul of capital rules, with the latest draft including requirements for large lenders' residential mortgages that go beyond international standards. The changes would be part of the US version of a global accord known as Basel III that followed the financial crisis.
/jlne.ws/3OgG7Ej
Planet Boglehead: Vanguard Struggles to Win Over the World; America's quirky fund giant wants to sell itself to Europe. Is anyone buying?
Loukia Gyftopoulou - Bloomberg
Inside the London outpost of US fund giant Vanguard Group, the message was blunt. There's only one way here: the Vanguard Way. Familiar talk about expanding across Europe - about exporting the vision of founder John Bogle, America's great popularizer of the low-cost index fund - was starting to sound like a warning.
/jlne.ws/43vA6b5
Bank of America's profits jump 19% on strong Wall Street showing
David Hollerith - Yahoo Finance
/jlne.ws/3K2UIAS
Morgan Stanley profits drop 14% on Wall Street slump
David Hollerith - Yahoo Finance
/jlne.ws/44xQYj0
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Supporting women in leadership on their paths to success
Katie Raymond - Futures Industry Association
Georgie Dickins, founder and CEO of Women in Leadership Global (WILG), a membership network for female leaders in finance, recently led the WILG team in ringing the Nasdaq opening bell to celebrate a major achievement - the launch of her book Women in Leadership: 500 Lessons to Our Younger Selves. "It was an incredible moment, a celebration of community and collaboration that will stay in the memory bank for a long time," said Dickins, who as well as founding WILG is the co-founder and managing director of Cajetan Group, a boutique business specializing in leadership development and executive coaching.
/jlne.ws/3rqF8s7
Emotional Agility
Susan David and Christina Congleton - Harvard Business Review
Sixteen thousand-that's how many words we speak, on average, each day. So imagine how many unspoken ones course through our minds. Most of them are not facts but evaluations and judgments entwined with emotions-some positive and helpful (I've worked hard and I can ace this presentation; This issue is worth speaking up about; The new VP seems approachable), others negative and less so (He's purposely ignoring me; I'm going to make a fool of myself; I'm a fake).
/jlne.ws/43y9GFL
Apollo Global Builds Team to Target World's Top Family Offices; Investment firm has added about 10 people to unit in past year; Tough fundraising climate has firms expanding hunt for capital
Benjamin Stupples - Bloomberg
Apollo Global Management Inc. is building a team focused on investment firms for the world's biggest fortunes as the buyout giant ramps up plans to target the ultra-wealthy. The New York-based firm has assembled a roughly 10-person family office unit over the past year and plans to increase that number in the future, Apollo partner Brian Feurtado said.
/jlne.ws/3rxH3eu
What Makes Some People More Productive Than Others
Robert C. Pozen and Kevin Downey - Harvard Business Review
Last year HBR.org published a survey to help professionals assess their own personal productivity - defined as the habits closely associated with accomplishing more each day. Nearly 20,000 people from six continents completed it, and the results provide some useful insights into important productivity habits and challenges facing professionals.
/jlne.ws/3DphrTD
Starting a New Job? Take Control of Your Onboarding
Susan Peppercorn - Harvard Business Review
When Liz was offered a job as a product manager at a growing biotech firm, she was ecstatic. She had spent considerable time on her job search, found a company and a position that felt like a perfect fit, nailed her interviews, and negotiated smartly. But once Liz had both feet in the door and began onboarding in her first month on the job, she suddenly felt less confident.
/jlne.ws/3OhCgFZ
Two Generative AI Experiments For Portfolio Marketers Building B2B Messaging
Barry Vasudevan - Forrester
/jlne.ws/3DpjeIl
You Rang? The Super-Rich Will Privatize Us All; A huge range of talent - from chefs to nannies to accountants - are being hired by the wealthy and managed by their family offices.
Howard Chua-Eoan - Bloomberg
/jlne.ws/43wMqb2
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hunching Over Your Computer Like a Buzzard Is Not Helping Your Back; It's time to get up (and fidget).
Jancee Dunn - The New York Times
My fragrance of choice for the past year is eau de menthol pain patch. I've had chronic back pain, but the cause is not a mystery: I hunch over my computer for hours at a time. Call it "online spine," "computer-generated back pain," or, in my case, "Mac back." Unlike "tech neck," a common term for repetitive strain caused by looking down at phones and tablets, back pain caused by hunching over a computer can afflict the neck, shoulders and entire back, said Dr. Nnaemeka Echebiri, a physiatrist who specializes in spine and musculoskeletal medicine at Hospital for Special Surgery in New York.
/jlne.ws/43z34a2
We're Already Paying for Universal Health Care. Why Don't We Have It?
Liran Einav and Amy Finkelstein - The New York Times (opinion)
There is no shortage of proposals for health insurance reform, and they all miss the point. They invariably focus on the nearly 30 million Americans who lack insurance at any given time. But the coverage for the many more Americans who are fortunate enough to have insurance is deeply flawed. Health insurance is supposed to provide financial protection against the medical costs of poor health. Yet many insured people still face the risk of enormous medical bills for their "covered" care.
/jlne.ws/43vgunB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Trading in Hong Kong markets halted due to Typhoon Talim
The Economic Times
The Hong Kong stock exchange halted trading in both the securities and derivatives markets on Monday due to approaching Typhoon Talim. The Hong Kong Observatory said storm signal No. 8 would remain in force at least until 4 p.m. (0800 GMT) According to the exchange's arrangement, the morning trading session will be suspended if the typhoon signal remains at 8 or higher at 9 a.m. Hong Kong time (0100 GMT).
/jlne.ws/3NRmilw
Tokyo Heat Smashes 150-Year Trend as Extreme Weather Bakes Globe; Elderly population makes Japan particularly vulnerable to heat; Data shows temperatures far above historic seasonal averages
Shoko Oda, Yasufumi Saito, and Aaron Clark - Bloomberg
Temperatures in central Tokyo have soared to nearly 9C (16F) above the seasonal average, as the extreme heat blanketing the world continues to smash historical norms. Over the weekend, Japan's government issued a fresh round of heatstroke warnings, encouraging people to avoid going outside and to check on at-risk neighbors.
/jlne.ws/43DzaSk
Russia's Overseas Crude Shipments Slump to a Six-Month Low; Country's seaborne crude flows are down by 780,000 barrels a day from their mid-May peak
Julian Lee - Bloomberg
Russia's seaborne crude flows sank to a six-month low in the latest four-week period as Moscow finally appears to be making good on its pledge to cut supply to international markets.
/jlne.ws/3DkMEr8
California's Death Valley sizzles as brutal heat wave continues
John Locher, Adam Beam and Seth Borenstein - The Associated Press
Long the hottest place on Earth, Death Valley put a sizzling exclamation point Sunday on a record warm summer that is baking nearly the entire globe by flirting with some of the hottest temperatures ever recorded, meteorologists said. Temperatures in Death Valley, which runs along part of central California's border with Nevada, reached 128 degrees Fahrenheit (53.33 degrees Celsius) on Sunday at the aptly named Furnace Creek, the National Weather Service said.
/jlne.ws/3Yc6P4t
For Florida's Hurricane Ian survivors, extreme heat is a 'second disaster'
Brianna Sacks - The Washington Post
Lying on the floor of her storage unit, wet, with a fan to her face, Kimberly Goulet began to feel anxious and "extremely, desperately sad." It was from the heat. No matter what she did, the thick heaviness smothered her, even at night. She'd never experienced this kind of unrelenting heat before. But what made it worse was that, because of Hurricane Ian, she couldn't escape it.
/jlne.ws/3PWkiLv
Bikeshare Is Still Growing in Popularity After Pandemic Cycling Boom; Ridership in major US cities has increased 27% since 2019, reaching almost 45 million annual trips.
Immanual John Milton - Bloomberg
The pandemic-era spike in biking has translated to continued growth for the largest US bikeshare systems. Annual ridership of bikesharing programs in six US cities jumped 27% in 2022 compared with pre-pandemic levels to almost 45 million trips, with 2023 on pace for another record jump, according to data from the US Bureau of Transportation Statistics.
/jlne.ws/3K4GiA6
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| Miscellaneous | | Stories that don't quite fit under the other sections | Labor Day Looms as Crisis Point in Hollywood Stalemate; Ongoing strikes could disrupt the entertainment industry in fundamental ways, putting the 2024 box office and the fall broadcast lineup in jeopardy.
Benjamin Mullin, Brooks Barnes and Nicole Sperling - The New York Times
In May, when 11,500 movie and television writers went on strike, Hollywood companies like Netflix, NBCUniversal and Disney reacted with what amounted to a shrug. The walkout wasn't great, but executives had expected it for months. They could ride it out. The angry response from Hollywood's corporate ranks when actors went out on Friday was dramatically different. What began as an inconvenience has become a crisis.
/jlne.ws/3Df6Vyx
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