| August 23, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The FIA is holding an FIA Forum: Commodities 2023 in Houston on September 13, 2023 at The Houstonian in a program titled "Commodity Derivatives Markets in the Age of Uncertainty." The description of the forum is "Historic market developments fueled by climate change, the energy transition and geopolitical events are impacting all facets of commodity firm operations. FIA Forum: Commodities 2023 returns to Houston 13-14 September for in-depth discussions of these trends and their implications for physical commodity and derivatives markets. Sessions will examine the impact of higher volatility and margin constraints on hedging strategies, lessons learned from recent market disruptions in the US and Europe, and new opportunities in carbon and renewables."
Dangerous conditions of high heat are hitting Chicago and the South, Midwest and West on Wednesday, according to data from the National Oceanic and Atmospheric Administration, The New York Times reported. The Chicago Sun-Times said temperatures are expected to climb to near 100 degrees today in Chicago and heat index readings could reach as high as 115 degrees.
Bloomberg has a story reporting that offshore oil workers have suffered from heat-related illnesses as searing temperatures bake the US Gulf Coast.
We knew things were going to be tough for Sam Bankman-Fried in jail after his bond was revoked and he was sent to the slammer in New York. However, now we are getting reports he does not have access to Adderall. There are many reasons to take Adderall, but Sam was probably using it because Adderall helps people with ADHD feel calm and remain focused.
Also, it appears that poor Sam, a vegan, is subsisting on peanut butter sandwiches, Insider reports.
The Telegraph is reporting a story we have heard before, that Elon Musk talked directly with Vladimir Putin. What we did not know was that Musk pondered pulling his Starlink satellite internet from Ukraine because he feared being perceived as a warmonger in Russia.
India has landed on the moon. Back in the day, this would have been world-stopping news. The Wall Street Journal has a story titled "India Says Its Chandrayaan-3 Spacecraft Successfully Landed on Moon."
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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Focus On Talent, organized by Luxembourg For Finance, takes place online September 27, 2023, from 10:00 to 11:00 a.m. CEST. The webinar looks at the challenges of talent attraction and retention for the global financial services industry. Experts from financial services firms and high-level recruiters will discuss best practices for offering the best environment to star employees who are of the right mindset and willing to grow their skills. Learn more and register here. ~SAED
Our most read stories yesterday on JLN Options were:
- Goodbye to the Bull Market for US Treasury Bonds
- VIX Options Volume on Pace to Exceed 2017 Record
- U.S. retail traders eye a fresh piece of the crypto derivatives pie ~JB
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A Bitcoin ETF Debuts, But Traders Aren't Biting
Tanzeel Akhtar - Bloomberg
A big shrug
The topic that transfixed the crypto world this summer wasn't some new invention, scandal or meme-coin rally (or wipeout). Rather, all eyes were on the SEC - and more precisely, whether the US securities regulator-turned-crypto bogeyman would finally approve an exchange-traded fund tied to the spot price of Bitcoin. After all, one of the applicants was none other than the mighty BlackRock.
/jlne.ws/3QMSQQD
****** Maybe this jig needs some more flash to it.~JJL
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This $599 Putting Green Improved My Golf Game. It Might Work For You; The Puttr training aid promises to make practicing your putt so much fun you'll actually do it. One writer put his handicap on the line.
Chris Almeida - The Wall Street Journal
Meet any golfer and you'll find an advocate for some kind of strange device you've never heard of that's going to revolutionize your game. My father-in-law, an obsessed five handicap, has spent the last year or so nearly demanding I buy a giant, strangely shaped putter made by the company L.A.B. Golf.
/jlne.ws/3P86Tz6
***** Just what I need, a $599 item to frustrate me in my office.~JJL
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Spoofing Is a Silly Name for Serious Market Rigging
Tom Schoenberg - Bloomberg
Spoofing is a new crime but it isn't new. It has a silly name but it's no joke. Spoofers trick other investors into buying or selling by entering their own buy or sell orders with no intention of filling them. Long considered disreputable but rarely dangerous, spoofing has emerged in an era of computerized trading as a threat to market legitimacy. The US Justice Department and Commodity Futures Trading Commission have nabbed day traders operating out of their bedrooms, big Wall Street banks and sophisticated high-frequency trading shops. In August, two former JPMorgan Chase & Co. precious-metals traders were given prison sentences for market-rigging conduct that contributed to the bank paying $920 million in fines.
/jlne.ws/47J4q5h
****** When I first wrote the MarketsWiki page for spoofing, my internet search for the term spoofing was very limited and one of the top items was a reference in this newsletter to an upcoming CFTC roundtable that would work to define the term.~JJL
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Searing Heat Is Shattering Century-Old Records Across Central US; Heat will tax health, power grids and transportation across US; Oklahoma reached 110F Monday, hottest in contiguous US
Brian K Sullivan - Bloomberg
About 145 million people across the central US are facing wilting temperatures this week from another massive heat wave that will tax energy grids and raise health risks from Minnesota to the Gulf Coast. The heat is already smashing records dating back more than a century, and temperatures are forecast to reach 100F degrees (38C) or more from Minneapolis in the north to Dallas in the south Tuesday. Triple-digit readings will spread even further on Wednesday and Thursday, the National Weather Service said.
/jlne.ws/45j0fvG
***** Stay hydrated and in the shade, my friends.~JJL
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Tuesday's Top Three
Our top story Tuesday was Trading Technologies to acquire Abel Noser Solutions, a press release from TT and Abel Noser. Second was French restaurants are reportedly requiring more than $5,000 minimum spend per table and refusing reservations for returning diners who didn't spend enough at their last visit, from Insider. (The headline is slightly misleading, as the restaurants they are talking about are all in St Tropez.) Third was the registration page for the FIA Futures & Options Expo 2023, to take place October 2-3 at the Sheraton Grand Chicago Riverwalk.
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| Lead Stories | Wall Street's China Dreams Slip Away; U.S. banks, asset managers struggle to expand their businesses while tensions escalate
Jack Pitcher and Rebecca Feng - The Wall Street Journal
BlackRock became the first global asset manager to operate a wholly owned mutual fund business in China in 2021, roughly a year after Chief Executive Larry Fink called the country "one of the biggest opportunities." Two years later, the world's largest asset manager is struggling to compete in the market. BlackRock ranks 145th among nearly 200 Chinese mutual fund houses in terms of domestic assets under management, according to Wind, a financial data provider. Fidelity International and Neuberger Berman's wholly owned China subsidiaries rank even lower.
/jlne.ws/47Itzx6
America's Farmers Are Bogged Down by Data; Uptake of agtech tools has been tepid, and even many farmers who do use them struggle with the software and a flood of data from their farms
Belle Lin - The Wall Street Journal
A decade after data analytics promised to revolutionize agriculture, most farmers still aren't using data tools or specialized software, and of those who do, many are swamped in a deluge of data. In 2013, seed and pesticide giant Monsanto acquired agriculture-data firm Climate Corporation for $1 billion, helping spur the industry's mania for data-driven farming. The hope was that by outfitting farmers with software and tools capable of ingesting and analyzing troves of data on things from weather patterns to soil conditions, they could more efficiently use their land.
/jlne.ws/3KRnV1L
China Needs Its Own Lehman Moment - Now; Enough with the pretend and extend. Beijing's failure to cleanse its toxic debt pile is hampering the banking system and the nation's economic recovery.
Shuli Ren - Bloomberg
China's financial system seems on the brink of collapse. Country Garden Holdings Co., once its biggest real estate developer with over 3,000 projects nationwide, is slipping into a default. One of the nation's largest private wealth managers has been missing payments to investors. Meanwhile, distressed signals from regional governments, which rely heavily on land sales for fiscal income, keep on bubbling up. By Western standards, these events would almost inevitably lead to a financial meltdown. The 2008 subprime mortgage crisis alone brought down Lehman Brothers Holdings Inc., one of the most revered lenders on Wall Street. This year, the Federal Reserve's rapid rate hikes prompted a slew of regional bank failures. Even now, investors are worried about bank loans made to commercial real estate projects, hit hard by white-collar workers' reluctance to return to the office.
/jlne.ws/45ltC0d
Ex-JPMorgan Gold Traders Get Prison for 'Prolific Spoofing'; Michael Nowak and Gregg Smith were found guilty last year; Smith's sentence is stiffest yet in recent spoofing crackdown
Steve Stroth and Joe Deaux - Bloomberg
The former head of JPMorgan Chase & Co.'s precious-metals desk and his top trader were sentenced to prison for spoofing, fraud and attempted market manipulation. Michael Nowak, who ran gold and silver trading at the bank, and trader Gregg Smith were sentenced Tuesday in Chicago by US District Judge Edmond Chang. Nowak received a term of one year and one day while Smith was given two years, the stiffest sentence yet in a recent government crackdown on questionable trading practices.
/jlne.ws/47I3qhQ
Russia offers to swap frozen assets with the west; Western officials say they are not aware of the proposal and that no talks are taking place
Max Seddon and Henry Foy - Financial Times
Russia is offering to swap western investors' stranded assets in the country for some Russian assets frozen by the west following President Vladimir Putin's invasion of Ukraine.
/jlne.ws/3YLPwXY
Goldman Is Cracking Down on Employees That Aren't in Office Five Days a Week
Sridhar Natarajan - Bloomberg
Goldman Sachs Group Inc., one of Wall Street's most ardent return-to-office champions, is cracking down on laggards. The Wall Street giant is embarking on a fresh effort to enforce its policy of working from the office five days a week. Though revenue-producing employees have mostly returned full time, senior managers have grown frustrated by reluctance of staff in other groups constituting a significant chunk of its workforce.
/jlne.ws/3QTfsz0
Two former JPMorgan traders sentenced to prison for fraud
Kanishka Singh - Reuters
Two former precious metals traders at JPMorgan Chase were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement. Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said.
/jlne.ws/3su7Cl9
Coinbase and Circle's marriage is going fine-for now at least
Jeff John Roberts - Fortune
Circle and Coinbase have a lot in common: They are two of the leading brands in the U.S. crypto industry that were founded on the philosophy of cooperating with regulators, and have long had a business partnership managing the USDC stablecoin. But below the surface, tensions have long simmered due to business rivalries and differences between the firm's founders.
/jlne.ws/3QL0ivK
IBM sells weather business to private equity firm Francisco Partners
Reuters
International Business Machines has agreed to sell its weather business to private equity firm Francisco Partners for an undisclosed sum, the technology services giant said on Tuesday. The sale includes The Weather Company's consumer-focused assets such as Weather.com and Storm Radar, as well as enterprise offerings for industries including media and aviation. IBM will retain its sustainability software business.
/jlne.ws/47LmtI4
Turkey Closes Dardanelles Strait to Save Water to Fight Forest Fire
Onur Ant and Taylan Bilgic - Bloomberg
Hundreds of ships were left unable to move between the Black Sea and the Aegean after Turkey closed the Dardanelles Strait to clear the area for planes fighting nearby forest fires. Around 300 vessels were waiting to cross the Dardanelles and Bosphorus straits as of Wednesday afternoon, according to Mustafa Can, chairman of Istanbul-based maritime transport company Transbosphor.
/jlne.ws/3qGyJcf
Extreme Texas Heat Linked to Giant Planet-Warming Methane Releases; A satellite passing over the Permian Basin documented 22 large plumes of unburned natural gas as some critical equipment was forced to shut down due to hot temperatures.
Zachary Mider and Aaron Clark - Bloomberg
As record-breaking heat buckled pavement and hospitalized hundreds across Texas at the start of summer, another disruption occurred unseen: Operators in the largest US energy basin released hundreds of tons of natural gas into the air as crucial equipment was forced to shut down. That unleashed a geyser of planet-warming methane, the main component of natural gas, into the atmosphere. The spurt of emissions wasn't unprecedented; extremes of both hot and cold have wreaked havoc in the Permian Basin in the past.
/jlne.ws/3Ea9n9K
BlackRock Backs Fewer Climate, Social Shareholder Proposals; Asset manager supported 7% of climate change, social proposals; Firm called many environmental proposals 'unduly prescriptive'
Silla Brush - Bloomberg
BlackRock Inc. backed fewer shareholder proposals on environmental and social issues over the past year as it stressed its commitment to the energy industry and navigated a debate over ESG investing.
/jlne.ws/3OPsw65
The 'unbanked' deserve as much attention as the 'debanked'; Farage-Coutts furore is a chance to focus on the plight of those without access to financial products and services
Sacha Romanovitch - Financial Times
It is welcome that a spotlight is being shone on exclusion from vital financial services. But the recent furore over Coutts' treatment of Nigel Farage must also focus minds on the needs of those in financially vulnerable circumstances, even though their individual cases do not command newspaper headlines. The scale of their problems dwarfs the "debanked" in more financially privileged situations.
/jlne.ws/3KRmZKN
Jailed Sam Bankman-Fried can't prepare for trial without vegan diet and adequate meds, lawyers say
Larry Neumeister - Associated Press
FTX founder Sam Bankman-Fried can't adequately prepare for trial in six weeks while in jail without proper access to computers, necessary medications to help him concentrate, and a better diet than bread, water and peanut butter, his lawyers told a magistrate judge Tuesday.
/jlne.ws/45kypim
Bankman-Fried on 'Bread and Water' and No Adderall, Lawyers Say; FTX co-founder's lawyers want more access to jailed client; Bankman-Fried pleads not guilty to narrower indictment
Chris Dolmetsch, Bob Van Voris, and Joe Schneider - Bloomberg
Sam Bankman-Fried's requests for vegan meals and access to prescription medication in jail have gone unheeded, his lawyers said, adding that they need better access to their client to build his defense case. The 31-year-old embattled crypto mogul has been "literally subsisting on bread and water" and a little peanut butter, his attorneys said, as they fought for more time with the FTX co-founder ahead of his October fraud trial. They made their arguments as Bankman-Fried appeared in federal court in Manhattan on Tuesday to plead not guilty to a narrower indictment.
/jlne.ws/45pIASX
Offshore Oil Workers Fall Ill as 115-Degree Heat Sears the US Gulf Coast
David Wethe - Bloomberg
Heat-related illnesses are hitting workers on offshore oil and gas platforms as searing temperatures bake the US Gulf Coast. A rare heat advisory from the Interior Department's Bureau of Safety and Environmental Enforcement warned offshore oil companies on Tuesday to take extra precautions in the Gulf, including periodic breaks. In a few recent instances, affected workers have been taken to shore for further evaluation, the alert said.
/jlne.ws/45GnMWS
SVB Changes Executive Bonuses After Justice Department Objection
Evan Ochsner - Bloomberg
SVB Financial Group said it agreed with the Justice Department to tweak the financial terms and benchmarks of a plan to pay millions of dollars in bonuses to executives at a subsidiary. Bonus benchmarks for nine leaders of SVB Capital - the capital and investment arm of the bankrupt company - are now more "substantive and focused," James Bromley of Sullivan & Cromwell said at a Tuesday hearing. The total payout for executives at lower performance benchmarks was reduced by $500,000, Bromley said, while the top level of payouts was increased by the same amount.
/jlne.ws/3sp6WOd
BRICS to Focus on Reducing Dollar Reliance, South African Deputy President Says
Arijit Ghosh - Bloomberg
Leaders of the BRICS nations will focus on ways to reduce dependence on the dollar when they meet starting Tuesday, South African Deputy President Paul Mashatile said.
/jlne.ws/45m0Hcm
Chinese Soybean Appetite Is Fading, Meat Producer Says
Gerson Freitas Jr. - Bloomberg
Chinese soybean demand growth is expected to wane in the next few years amid slower population growth and a change in the nation's consuming habits, according to meat producer Wellhope Foods Co.
/jlne.ws/45Jila1
Putin Tells Government, Central Bank to Control Capital Outflow
Bloomberg News
President Vladimir Putin demanded steps to control the outflow of capital from Russia and to reduce volatility in financial markets, warning of the threat from rising prices following the slump in the ruble.
/jlne.ws/3R7W0Pp
Bank of America Trading Desks Gain Ground With More Capital, Headcount; Fixed-income traders in particular have nabbed market share, helping narrow gap with rival JPMorgan
Katherine Doherty - Bloomberg
Month after month, Bank of America Corp.'s trading floors appeared to be faltering in their push to grab market share early last year, when the head of the business took the mic at a town hall meeting.
/jlne.ws/3ONrPKl
Fenics Market Data adds Australian Dollar interest rate swaps service to offering; More than 50% of the market contributed to the launch of the service, with participation expected to increase to over 80% in the coming weeks.
Claudia Preece - The Trade
Fenics Market Data - part of BCG Group - has launched a new data service for Australian dollar (AUD) interest rate swaps (IRS) in a bid to increase market transparency. The service - available on Bloomberg - is based in executable data and will work to reduce the risk of mispricing.
/jlne.ws/3E8YULV
Buy-side market data costs on the rise as asset managers tap fixed income, equities, and ETFs for the greatest spend; According to Coalition Greenwich and SIX's latest report, 80% of buy-side firms surveyed expect spending to go up across the board for market data in the next year.
Annabel Smith - The Trade
Asset managers have tapped fixed income, equities and exchange traded funds (ETFs) for their greatest market data spend over the next 12 months, according to a new Coalition Greenwich and SIX report published on 22 August. Buy-side asset managers said they expected fixed income market data spend to go up by 13% in the next year, followed by 10% for equities and 10% for ETFs.
/jlne.ws/45Js00h
E-trading development in US rates and credit centred on innovation, not growth, report finds; Trading via RFQ is continuing to grow in line with increased automation, with the market moving towards a modern algo-driven protocol, finds Coalition Greenwich.
Claudia Preece - The Trade
While both rates and credit saw an increase in e-trading since last year, according to Coalition Greenwich's August data spotlights the key takeaway is how development is proceeding in terms of innovation, as opposed to volume. US corporate bond results saw IG e-trading and HY e-trading both increase year on year, by 2% and 1% respectively, while the rates market saw a 4% increase in dealer-to-client e-trading.
/jlne.ws/3KTGy5s
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Hatches Plan to Reopen Black Sea Grain Route, Defying Russian Blockade; Kyiv says ships can avoid Russian strikes and ship grain by hugging the country's coast. Now it needs insurers on board.
Anna Hirtenstein and Jared Malsin - The Wall Street Journal
Kyiv is devising a plan with global insurers to reopen a crucial grain-export route for vessels navigating the Black Sea, a shipping lane blockaded by Russia for the past month. The Black Sea Grain Initiative had secured the wartime shipment of 32 million tons of food in less than a year until Moscow backed out of the deal in July and escalated attacks on the infrastructure underpinning the Ukrainian grain industry, the country's economic heart.
/jlne.ws/3YNl1kn
Ukraine in Talks With Insurers on Deal to Cover Grain Exports; Program would cover for vessels leaving northern Black Sea; Attacks escalated after Russia left grain-export deal in July
Alex Longley and Volodymyr Verbyany - Bloomberg
Ukraine's government is in talks with insurers to start a new program to cover ships hauling grain through some of the riskiest parts of the Black Sea. The service could start as soon as early September, though a precise framework is still being worked out, said Marcus Baker, global head of marine, cargo and logistics at insurance broker Marsh.
/jlne.ws/3YIj7Sl
Ukraine war: Three killed in Belgorod hours after drones hit Moscow
Emily McGarvey - BBC News
A drone attack on Russia's Belgorod region has killed three people, hours after another drone hit central Moscow, Russian officials say. Belgorod's Governor Vyacheslav Gladkov blamed Kyiv for the attack on the region, near Ukraine's border. "Ukrainian forces launched an explosive device through a drone while people were on the street," he claimed.
/jlne.ws/3qGD2UW
US Backs Sale to Poland of Apache Helicopters in $12 Billion Arms Package; Air-to-ground missiles are also part of arms sale to Warsaw; Poland has been a leader among European allies backing Ukraine
Courtney McBride - Bloomberg
The US State Department has approved Poland's request to purchase AH-64E Apache attack helicopters, engines and other equipment valued at as much as $12 billion. Polish Prime Minister Mateusz Morawiecki last year announced plans to double the country's spending on its military, and his country has been at the forefront of European allies calling for weapons deliveries to help Ukraine in its fight against Russia's invasion.
/jlne.ws/3KWlSJV
Ukraine lines up destroyed Russian tanks in central Kyiv
Dan Peleschuk and Ivan Lyubysh-Kirdey - Reuters
Ukraine lined up the burnt-out husks of Russian tanks and fighting vehicles along the capital Kyiv's central drag on Monday as Ukrainians prepare to mark their second wartime Independence Day this week. The national holiday, which commemorates 32 years of post-Soviet independence from Moscow on Thursday, falls exactly 18 months after Russia launched its full-scale invasion of its southern neighbour.
/jlne.ws/47Gmtt0
Ukraine's army is running out of men to recruit, and time to win
Robert Clark - The Telegraph
/jlne.ws/47I20E2
Ukraine blows up five jets 'deep within Russian territory'
Nataliya Vasilyeva - The Telegraph
/jlne.ws/47FRz43
Russia Relaxes Limits on Dividend Payments to Foreigners
Bloomberg News
/jlne.ws/3sjDBod
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | HKEX Announces Senior Appointments In Information Technology; John Hsu join as Group Chief Technology Officer on 29 September 2023; Richard Leung to become Group Chief Information Officer.
Hong Kong Exchanges and Clearing Limited
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) the appointment of John Hsu as Managing Director and Group Chief Technology Officer. He succeeds Richard Leung, who will become Group Chief Information Officer. Reporting to Mr Leung, Mr Hsu will join the Group on 29 September 2023 and become a member of the Group's Management Committee. He will head the Group's IT infrastructure, operations, development and support functions in Hong Kong, as well as HKEX's Innovation and Data Lab and its Mainland Technology Centre.
/jlne.ws/47LrbFK
TMX Group CEO John McKenzie to Present at the 2023 Scotiabank Financials Summit
TMX
TMX Group CEO John McKenzie will present at the 24th annual Scotiabank Financials Summit. DATE: Thursday, September 7, 2023. TIME: 3:50 p.m. - 4:15 p.m. ET. A link to the webcast will be available and archived in TMX's shareholder events section.
/jlne.ws/3Pb5t7a
Re-launch of Iron Ore contracts
FEX
Introduction. The Board of Directors of FEX Global have determined that FEX Mysteel (SEADEX) 62 Iron Ore (AUD) Futures and Options contracts will be launched on Monday 11th September 2023. The re-launched Iron Ore contracts will be Australian Dollar denominated 50MT contracts based upon the Mysteel SEADEX 62% Australian Fines index published in AUD.
/jlne.ws/3E5OlJs
Winner list of "the 9th Diamond Award"
Taifex
/jlne.ws/3OGBZfM
Moscow Exchange announces financial results for the second quarter of 2023
MOEX
PJSC Moscow Exchange (MOEX) announces financial results for the second quarter of 2023 based on consolidated IFRS financial statements. Unless otherwise indicated, all figures are for the second quarter of 2023, and the dynamics are compared with the second quarter of 2022.
/jlne.ws/44gtM7X
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Elon Musk was reportedly working on his AI company while publicly calling for a pause on AI development
Sarah Jackson - Insider
While Elon Musk was publicly calling to "pause giant AI experiments" earlier this year, he was quietly building his own, according to a new report. Musk was working on xAI during the time he and more than 1,000 other people, including AI experts, signed an open letter calling for a 6-month pause on AI development, according to an article published in The New Yorker on Monday.
/jlne.ws/3P7A9py
Huawei Is Building a Secret Network for Chips, Trade Group Warns; Tech giant is reportedly getting $30 billion in state support; Biden administration monitoring and ready to take action
Ian King and Debby Wu - Bloomberg
The leading association of global chip companies is warning that Huawei Technologies Co. is building a collection of secret semiconductor-fabrication facilities across China, a shadow manufacturing network that would let the blacklisted company skirt US sanctions and further the nation's technology ambitions.
/jlne.ws/3P75QPN
Fenics Market Data Launches AUD Interest Rate Swaps Service
Fenics Software Limited
Fenics Market Data, a division within BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or "BGC" or the "Company"), today announced the launch of a new and unique data service for Australian Dollar ("AUD") Interest Rate Swaps ("IRS"). The new service, based on executable data, will bring greater transparency to the market, helping to reduce the risk of mispricing.
/jlne.ws/3OQ5wDM
Options Data Meets Its Match: Exegy Launches Next-Gen Ticker Plant - The Latest Appliance Is Purpose-Built To Reliably Handle Rising Market Data Volumes And Volatility, Including The Upcoming OPRA Feed Upgrade
Mondonvisionie
Exegy, a leading provider of end-to-end, front-office trading solutions for capital markets, is announcing its next generation ticker plant, purpose-built for processing options market data. This cutting-edge platform can process the OPRA feed on a single 2U server and provides an immediate 2x latency reduction compared to the previous generation.
/jlne.ws/44lWJz9
Traffic on Meta's Threads is declining as company adds features; Meta announced a desktop version of Threads, part of a slew of options Meta has added to the text-based social media platform
Naomi Nix - The Washington Post
As Meta tries to revive flagging interest in its Threads social media offering, the company is launching a desktop version of its rival to Elon Musk's Twitter, now called X. Meta on Tuesday announced it's launching a version of Threads that can be used on web browsers, which will roll out to users in the coming days. The text-based platform originally was only available through smartphone apps when it debuted last month.
/jlne.ws/44gikco
Can Oxford and Cambridge Save Harvard From ChatGPT? Their time-tested tutorial system offers top US universities a way to blunt AI cheating and revive real learning.
Adrian Wooldridge - Bloomberg
Artificial intelligence (AI) is capable not just of disrupting higher education but of blowing it apart. The march of the smart machines is already well advanced. AI can easily pass standardized tests such as the GMAT (Graduate Management Admission Test) and the GRE (Graduate Record Examination) required by graduate schools. AI received a 3.34 GPA (grade point average) in a Harvard freshman course and a B grade on the final exam of a typical core Wharton Business School MBA course.
/jlne.ws/3QL9kZH
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity's Crucial Role Amidst Escalating Financial Crime Risks
Stefanie Shank - Tripwire
In an era of escalating financial crimes, the spotlight shines brightly on the rising concerns in the realm of cybersecurity. According to a recent survey, a staggering 68% of UK risk experts anticipate a surge in financial crime risks over the next year. These apprehensions echo globally, with 69% of executives and risk professionals worldwide foreseeing an upswing in financial crime risks, predominantly fueled by cybersecurity threats and data breaches.
/jlne.ws/3ONSruz
The 'US Cyber Trust Mark' finally gives device makers a reason to spend big on security
Apu Pavithran - TechCrunch
The Internet of Things (IoT) is in hacker crosshairs. Last year, more than 110 million IoT malware attacks took place - an 87% increase from the previous 12 months. And as connected devices take on more critical roles in the modern home and office, tens of billions more endpoints are coming online. In this precarious landscape, both individual consumers and enterprises embracing IoT have made cybersecurity a top priority. Now the government is following suit. In July, the White House announced the launch of a "U.S. Cyber Trust Mark" as part of its voluntary labeling program for smart devices.
/jlne.ws/45BrBNd
Deep Instinct Study Finds Significant Increase in Cybersecurity Attacks Fueled by Generative AI
Press Release
Deep Instinct, the prevention-first cybersecurity company that stops unknown malware pre-execution with a purpose-built, AI-based deep learning (DL) framework, released the fourth edition of its Voice of SecOps Report. The research - "Generative AI and Cybersecurity: Bright Future or Business Battleground?" - was conducted by Sapio Research and surveyed over 650 senior security operations professionals in the US, including CISOs and CIOs. The study highlights the impact of generative AI in the cybersecurity industry, analyzing the technology's positive and negative effect on organizations' security postures and preparedness. Unsurprisingly, 75% of security professionals witnessed an increase in attacks over the past 12 months, with an astonishing 85% attributing this rise to bad actors using generative AI.
/jlne.ws/47LftLg
Looking to break into the realm of business and cybersecurity? These 5 MBA programs offer concentrations in cybersecurity
Preston Fore - Fortune
Each year, thousands of companies are hit with cyberattacks and data breaches-often leading to the exposure of sensitive customer information. Set aside hardship for consumers, this costs corporations on average $4.45 million per breach, according to IBM's Cost of a Data Breach Report. As a result, the need for investment in cyber infrastructure and experts is becoming more paramount across the globe-and the market agrees.
/jlne.ws/45j1tXO
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Mining Startup Raises $13 Million to Turn Trash Into BTC; Bitcoin mining helps make use of stranded energy when it can't easily be sold back to the grid, according to Nodal co-founder Matthew Jones.
Andrew Throuvalas - Decrypt
Nodal Power has secured a substantial $13 million funding round to continue converting methane gas produced by landfills into electricity, which is then dispatched to local electricity grids as renewable power.
/jlne.ws/3P55LMy
FBI Says North Korean Hackers May Try to Sell $40M of Bitcoin; The FBI released six wallets linked to North Korean hackers Lazarus Group and APT38.
Oliver Knight - CoinDesk
North Korean hackers may attempt to cash out stolen bitcoin (BTC) worth more than $40 million, the Federal Bureau of Investigation (FBI) said in a statement on Tuesday. The North Korea-based Lazarus Group and APT38 were reportedly behind a series of cryptocurrency hacks earlier this year, including the $60 million theft from payment processor Alphapo and the $100 million exploit of Atomic Wallet, the FBI said.
/jlne.ws/3OQ46ZY
Australia's CBDC Likely Some Years Away, Central Bank Says; The report said that in a way a "CBDC could be viewed as an enabling complement to, rather than substitute for, private sector innovation."
Amitoj Singh - CoinDesk
Australia will not be making any decision on a central bank digital currency (CBDC) for some years due to several unresolved issues that surfaced at the end of the pilot project, the country's central bank announced on Wednesday.
/jlne.ws/44i5Qkp
Mantle Stakes $66M of Ether on Lido as Part of Treasury Management Strategy; Mantle introduced a new governing body for treasury management earlier this month.
Oliver Knight - CoinDesk
Layer 2 network Mantle has staked 40,000 ether (ETH) on staking protocol Lido after it passed a governance vote on treasury management earlier this month. The staked ether (stETH) is worth around $66 million and will generate a yield of 4.1% APR at current rates.
/jlne.ws/45qJfDS
Starkware to Open-Source 'Magic Wand' of Its Zero-Knowledge Cryptography Next Week; The team behind the layer 2 Starknet blockchain said that they will also hold a code review on Aug. 31 at a conference in San Francisco.
Margaux Nijkerk - CoinDesk
Starkware, the company behind the Ethereum layer 2 blockchain StarkNet, said in a press release that they will be open-sourcing their cryptographic software tool, STARK Prover, which has been renamed as Stone, on Aug. 31.
/jlne.ws/45XTWh5
FTX Debtors Revise Settlement Proposal After Objection From U.S. Trustee
Amitoj Singh - CoinDesk
/jlne.ws/3sfvOHW
The crypto world wants to know why Vitalik Buterin just deposited $1 million in Ether with Coinbase
Marco Quiroz-Gutierrez - Fortune
/jlne.ws/3EcQCT2
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| Politics | | An overview of politics as it relates to the financial markets | What Vivek Ramaswamy Doesn't Understand About the Dollar; Trying to stabilize America's currency by tying it to the price of commodities would have the opposite effect.
Tyler Cowen - Bloomberg
Along with Vivek Ramaswamy's rise in the polls should come greater scrutiny of his views on economics. In that spirit, I am here to report that - on monetary policy at least - the Republican presidential candidate does not yet have useful recommendations.
/jlne.ws/3OJohZD
'Bridges with everyone': how Saudi Arabia and UAE are positioning themselves for power; Confident oil-rich Gulf states are forging new alliances in Asia and redefining their longstanding relationship with the US
Andrew England - Financial Times
By the time dozens of top security officials from across the globe touched down in Saudi Arabia to attend a conference on Ukraine this month, Crown Prince Mohammed bin Salman's main task was complete.
/jlne.ws/3Eexl3D
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| Regulation & Enforcement | | Stories about regulation and the law. | FDIC to Propose New Regulations for Midsize Lenders Next Week
Katanga Johnson - Bloomberg
US banking watchdogs will next week propose requiring that banks with as little as $100 billion in assets issue enough long-term debt to cover capital losses if they ever failed.
/jlne.ws/44tL15S
SFC issues quarterly report
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summaries key developments from April to June 2023. New initiatives to develop Hong Kong as an offshore renminbi and risk management centre were launched during the quarter. Swap Connect, the first Connect programme for financial derivatives products, commenced northbound trading in May. It allows investors of Mainland bonds to hedge interest rate risks from Hong Kong. As of end-June, a total of 540 Mainland interbank interest rate swap contracts were traded under Swap Connect, with a gross notional amount of about RMB129 billion or a daily average of about RMB3.9 billion.
/jlne.ws/3E7tjKt
Singapore seeks documents from banks in money laundering probe; Authorities widen $737mn investigation that has cast scrutiny on financial hub's embrace of foreign wealth
Mercedes Ruehl - Financial Times
Singapore authorities have requested documents from at least 10 banks as they extend a S$1bn (US$737mn) money laundering investigation. Public prosecutors told a court on Wednesday that they were seeking documents from financial institutions used by 10 people who were arrested last week and charged in one of the city-state's biggest-ever money laundering and fraud cases.
/jlne.ws/45JrvmR
Ofgem fines Morgan Stanley £5.4mn for WhatsApp violations; UK energy regulator says US bank failed to keep records of traders' discussion of energy deals on personal phones
Stephen Morris and Jonathan Wheatley - Financial Times
The UK energy market regulator has fined Morgan Stanley £5.4mn for failing to keep records of communications among its energy market traders, the latest sanction in the global crackdown on bankers' use of personal phones to discuss deals.
/jlne.ws/47UAuUa
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The AI boom will power 2 big stock market trades over the next decade, Goldman Sachs says
Matthew Fox - Markets Insider
There are two trades to be had in the stock market related to the emergence of artificial intelligence technologies, and investors better pay attention, according to a Monday note from Goldman Sachs. The promise of AI has taken over the stock market in 2023, helping save it from a painful bear market and catapulting one company to a more than $1 trillion market valuation: Nvidia.
/jlne.ws/45kvNBi
Nvidia options show traders positioned for outsized share move after earnings
Saqib Iqbal Ahmed - Reuters
Traders in the U.S. equity options market are expecting a larger-than-usual swing in Nvidia's shares following the chipmaker's quarterly results after the close on Wednesday, options market data showed.
/jlne.ws/3P9rO4E
Investors Are Finally Making Money on Bonds and CDs. Be Prepared to Pay Taxes; As Americans pile into various higher yielding investments, it's important to know the big taxable differences between each type
Ashlea Ebeling - The Wall Street Journal
Americans are taking advantage of higher returns on their Treasury bills and other fixed-income investments. That joy might be dampened when they see their tax bills. Over the past five weeks, investors have put a net $91.1 billion into money-market funds, according to Refinitiv Lipper data as of last Wednesday. U.S. government bonds, high-yield bonds and bond funds, and a host of other fixed-income assets have been similarly popular. I bonds were so popular last year that the Treasury Department website crashed.
/jlne.ws/3YOLhv2
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | G20 poured more than $1tn into fossil fuel subsidies despite Cop26 pledges - report; Public money still flowing into industry despite agreement to phase out 'inefficient' subsidies, thinktank says
Ajit Niranjan - The Guardian
The G20 poured record levels of public money into fossil fuels last year despite having promised to reduce some of it, a report has found. The amount of public money flowing into coal, oil and gas in 20 of the world's biggest economies reached a record $1.4tn(£1.1tn) in 2022, according to the International Institute for Sustainable Development (IISD) thinktank, even though world leaders agreed to phase out "inefficient" fossil fuel subsidies at the Cop26 climate summit in Glasgow two years ago.
/jlne.ws/3OLfy9k
Chicago Will Feel Like 109F as Central US Sizzles: Weather Watch; Scorching temperatures across the US are on Bloomberg Green's radar today.
Brian K Sullivan - Bloomberg
High temperatures are still bearing down across the US with excessive heat warnings and watches stretching from Minnesota to Louisiana and Nebraska to West Virginia. Chicago is set to hit 96F degrees Wednesday, but when humidity is factored in it will feel closer to 109, the National Weather Service said. St, Louis is forecast to reach 102F with a heat index of 117; Dallas will get to 104 with a heat index of 108; and Houston will hit 100 with a heat index of 105.
/jlne.ws/45FpqrX
BlackRock Backs Fewer Climate, Social Shareholder Proposals; Asset manager supported 7% of climate change, social proposals; Firm called many environmental proposals 'unduly prescriptive'
Silla Brush - Bloomberg
BlackRock Inc. backed fewer shareholder proposals on environmental and social issues over the past year as it stressed its commitment to the energy industry and navigated a debate over ESG investing. The asset manager supported 26 of 399 - or almost 7% - of proposals related to climate change and social issues in the 12 months ended June 30, down from 22% in the same period a year earlier, BlackRock said Wednesday in a report. Many shareholder proposals have become "unduly prescriptive," seek to "micromanage" executives and fail to acknowledge companies' responses to climate change, including their disclosure of greenhouse-gas emissions, according to BlackRock.
/jlne.ws/3P6TNSy
Grassroots victories against fossil fuels
Manuela Andreoni and David Gelles - The New York Times
Ecuador voted overwhelmingly on Sunday to halt oil drilling in one of the most biodiverse places on earth. With almost all ballots counted, 59 percent of voters sided with the young activists who spent a decade fighting for the referendum, as we wrote last week. It is widely considered to be the first time a country's citizens voted decisively to leave oil in the ground. In a separate referendum, Ecuadoreans also voted to block mining in a biosphere reserve.
/jlne.ws/44p4WCK
Extreme Texas Heat Linked to Giant Planet-Warming Methane Releases; A satellite passing over the Permian Basin documented 22 large plumes of unburned natural gas as some critical equipment was forced to shut down due to hot temperatures.
Zachary Mider and Aaron Clark - Bloomberg
As record-breaking heat buckled pavement and hospitalized hundreds across Texas at the start of summer, another disruption occurred unseen: Operators in the largest US energy basin released hundreds of tons of natural gas into the air as crucial equipment was forced to shut down. That unleashed a geyser of planet-warming methane, the main component of natural gas, into the atmosphere. The spurt of emissions wasn't unprecedented; extremes of both hot and cold have wreaked havoc in the Permian Basin in the past.
/jlne.ws/47G3pLw
Mining companies at risk from future ESG policies - analysts
Josh Lamb - Proactive
/jlne.ws/3P8zVP4
Illinois Environmental Groups Applaud Vetoes by Pritzker; The decisions underscore the governor's commitment to "choose climate action, every time."
Aydali Campa - Inside Climate News
/jlne.ws/3E6vWft
UK Challenger OakNorth Joins Climate Battleground With Big Banks; Lender makes pledge to hit net zero emissions by 2035; Newer banks find it easier to quantify climate impact: analyst
Katherine Griffiths - Bloomberg
/jlne.ws/3qIYFUF
Rob Gardner: Why I left SJP for a biodiversity startup; Redington founder says 'nature is the most valuable asset class on the planet' but our 'extractive financial model' has been 'destroying it'
Kristen McGachey - Financial News
/jlne.ws/3OOSBC0
Fast Fashion Race Losing Speed
Vibeka Mair - ESG Investor
/jlne.ws/3ONPJVV
UK Urged to Move Away from Single Materiality Mindset
Jack Grogan-Fenn - ESG Investor
/jlne.ws/45DS10L
CSR And ESG Face New And Familiar Threats
Jennifer Lotito - Forbes (contributor)
/jlne.ws/3YPAFvF
Bacteria that 'eat' methane could slow global heating, study finds; Technology has the potential to make deep cuts to emissions of the potent greenhouse gas but requires major investment
Oksana Pyzik - The Guardian
/jlne.ws/3sq2uPe
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs cancels 'Summer Fridays,' wants employees in office 5 days a week
Lydia Moynihan - MarketWatch
Goldman Sachs boss David Solomon, who has drawn derision from the rank-and-file over the company's back-to-work edict, has pulled the plug on "Summer Fridays." The Wall Street investment giant recently told staffers the firm will crack down on those who aren't at their desks five days a week.
/jlne.ws/3P9fzp4
Vanguard's Tax-Busting Fund Design Is Getting Its Latest Revamp; F/m Investments files to make mutual fund share class of ETFs; ETF issuer aims to distribute bond funds to retirement market
Emily Graffeo - Bloomberg
Vanguard Group has famously stood apart in the money-management world with its popular mutual funds offering the liquid ETF wrapper. Now, F/m Investments is bidding to create essentially the opposite: Exchange-traded funds that tack on a mutual fund as a share class. The Washington, DC-based firm is seeking permission to create mutual funds as a share class of its ETFs, according to a Tuesday filing with the Securities and Exchange Commission. The structure would allow for the burgeoning ETF issuer to tap into parts of the investment world that are typically reserved for just mutual funds, like retirement accounts.
/jlne.ws/3soBcbW
Odey to Shutter Only Fund Run by Female Money Manager; Global EM fund will close no later than Sept. 22, letter says; The firm has shut two other funds and moving money managers
Nishant Kumar - Bloomberg
Odey Asset Management is shutting an emerging markets fund as the firm continues to reorganize in the wake of sexual assault allegations against founder Crispin Odey. The Brook Global Emerging Markets Fund - run by Sophia Whitbread, the only female portfolio manager at what used to be Crispin Odey's investment empire - will close no later than Sept. 22 "due to the significant reduction in assets under management," the firm said Tuesday in a letter to clients.
/jlne.ws/45lej7J
Crispin Odey Cuts Business Ties to His Family in Further Retreat; Hedge fund manager resigned from three UK companies this month; Odey stepped back from numerous roles after assault claims
Benjamin Stupples - Bloomberg
Crispin Odey has stepped back from several companies connected to his family, marking the hedge fund founder's latest retreat from business activities following sexual harassment allegations.
/jlne.ws/3E7Htv9
European crypto ETP inflows rise after BlackRock bitcoin filing; Trend follows similar influx of money to crypto ETPs globally
Dom Lawson - Financial Times
European crypto-related exchange traded products have seen a boost in flows after BlackRock applied to launch a bitcoin fund in the US. Europe-domiciled ETPs with crypto-related names had net inflows of EUR150mn in June, their best month since March 2022, Morningstar data shows.
/jlne.ws/3E5JmIX
Northern Trust promotes from within for new head of global foreign exchange; Incoming global FX head has been with Northern Trust since 2006; will oversee institutional FX solutions across direct FX, eFX, currency management, and custody.
Annabel Smith - The Trade
Northern Trust has promoted from within for its new head of global foreign exchange within its capital markets business. Dane Fannin has been named global head of global foreign exchange (GFX) and securities finance. In his new role, he will be responsible for innovation and business growth across Northern Trust's suite of GFX and securities finance solutions.
/jlne.ws/3E5LksP
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Manage Your Energy, Not Your Time; The science of stamina has advanced to the point where individuals, teams, and whole organizations can, with some straightforward interventions, significantly increase their capacity to get things done.
Tony Schwartz and Catherine McCarthy - Harvard Business Review
As the demands of the workplace keep rising, many people respond by putting in ever longer hours, which inevitably leads to burnout that costs both the organization and the employee. Meanwhile, people take for granted what fuels their capacity to work-their ... more
/jlne.ws/3R7TyZd
Bosses and workers are worried about new technology like AI, but for different reasons
Tim Paradis - Insider
Both bosses and workers are concerned about emerging technology - but for different reasons. Leaders are worried about how they'll get their return on tech investments and get workers trained on new technology. Yet employees are nervous these new tools will put them out of work.
/jlne.ws/3qQlAxj
In a Hot Job Market, the Minimum Wage Becomes an Afterthought; The federal wage floor of $7.25 is increasingly irrelevant when even most teenagers are earning twice that. But what happens when the economy cools?
Ben Casselman and Lydia DePillis - The New York Times
Under New Hampshire law, Janette Desmond can pay the employees who scoop ice cream and cut fudge at her Portsmouth sweet shop as little as $7.25 an hour. But with the state unemployment rate under 2 percent, the dynamics of supply and demand trump the minimum wage: At Ms. Desmond's store, teenagers working their first summer jobs earn at least $14 an hour.
/jlne.ws/44h3h1X
More Than One-Third of Desks Globally Sit Empty All Week Long; Report from office-sensor provider shows low utilization of individual cubicles and desks compared with meeting rooms.
Matthew Boyle - Bloomberg
More than one-third of desks in offices around the globe are unoccupied all week, according to a new report, raising questions about how well workplaces are currently designed as companies struggle to get employees back into them.
/jlne.ws/45nmlNu
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The key to depression, obesity, alcoholism - and more? Why the vagus nerve is so exciting to scientists; This 'electrical superhighway' helps to control everything from our breathing to our immune system. Could stimulating it transform physical and mental health?
Linda Geddes - The Guardian
I've made a cup of coffee, written my to-do list and now I'm wiring up my ear to a device that will send an electrical message to my brainstem. If the testimonials are to believed, incorporating this stimulating habit into my daily routine could help to reduce stress and anxiety, curb inflammation and digestive issues, and perhaps improve my sleep and concentration by tapping into the "electrical superhighway" that is the vagus nerve.
/jlne.ws/3YJqzfZ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Greece on High Alert for More Wildfires After 18 Deaths
Sotiris Nikas and Paul Tugwell - Bloomberg
Greek authorities said that many regions are on high alert for wildfires on Wednesday as soaring temperatures and strong winds hamper efforts to contain blazes that have broken out across the country. The warning includes areas where fires are already burning, such as Alexandroupolis and the greater Athens region. In just the past 24 hours, the fire service was called to handle 93 fires, while the blaze near Athens, the capital, threatens to move onto Parnitha mountain and burn one of the last forests around the city.
/jlne.ws/3qLHbqL
Bulgaria in talks for early end to Russian crude imports for Lukoil refinery; Lukoil-owned Neftohim refinery benefitting from cheap Urals crude; Bulgaria's current EU exemption on import ban to end in Dec 2024; Lukoil has lost concession to run Rosenets oil terminal at Burgas
S&P Commodity Highlights
The Bulgarian government has discussed the impact and procedures for an early ban on the import of Russian crude and oil products before the country's EU derogation on buying Moscow's oil ends next year.
/jlne.ws/3smUApL
Australia to Review Anti-Trust Laws to Boost Productivity, Wages
Swati Pandey - Bloomberg
Australia is undertaking a review of its competition policy settings in a bid to boost productivity and wages, Treasurer Jim Chalmers said. The two-year review, conducted by a task force established within Treasury, will look at competition laws, policies and institutions, Chalmers said in a statement Wednesday.
/jlne.ws/44jprRq
The Science Behind Japan's Plan to Empty Nuclear Wastewater Into Pacific; Treated water from the wrecked Fukushima plant will be discharged into the sea from this week, a proposal that's prompted alarm from nations including China.
Shoko Oda - Bloomberg
Twisted sections of a reactor unit remain exposed at the Fukushima Dai-ichi nuclear plant and a crushed metal tank lies near the coastline, reminders of one of the world's worst atomic disasters in 2011 and a response that's already cost about 12 trillion yen ($83 billion). Huge cranes are stationed across the site of Tokyo Electric Power Co.'s wrecked facility, while some areas have been covered with giant dome-like structures as work continues to manage the removal of dangerous fuel debris.
/jlne.ws/3YNK8DQ
Rice Supply Faces New Threat as India Mulls More Limits
Siddhartha Singh and Pratik Parija - Bloomberg
India, the world's biggest rice exporter, is considering more restrictions on its shipments of the grain as the nation grapples with rising food prices, a move that's likely to further tighten global supply. The government is considering a tax on shipments of parboiled rice, according to people familiar with matter. No decision has been made yet and there's no certainty deliberations will lead to duties being imposed, they said, asking not to be identified as the information is confidential. India's food secretary told reporters on Tuesday that there are currently no plans for tariffs.
/jlne.ws/45DTX9x
BASF signs long-term LNG deal with Cheniere of the US; German companies are rushing to ink agreements with American exporters after the country abandoned Russian gas
Shotaro Tani and Myles McCormick - Financial Times
/jlne.ws/3YNuPuF
Greece on High Alert for More Wildfires After 18 Deaths; Strong winds helping to fan flames as firefighters battle; Southern Europe has seen extreme temperatures this summer
Sotiris Nikas and Paul Tugwell - Bloomberg
/jlne.ws/3qLHbqL
The Race to Ditch Russian Uranium Starts in New Mexico's Desert; Russia's invasion of Ukraine is forcing the US and Europe to search for alternative sources of enriched uranium to power their reactors.
Jonathan Tirone, Will Wade, and Francois De Beaupuy - Bloomberg
/jlne.ws/3P6TIhI
Iran Aims to Boost Oil Output, Complicating OPEC+ and US Efforts
Anthony Di Paola - Bloomberg
/jlne.ws/3st5LwV
The Hottest Jobs in Argentina Are the Ones That Pay in Dollars; Skilled workers, landlords are demanding payment in dollars; Leading presidential candidate is pushing dollarization plan
Azul Cibils Blaquier and Patrick Gillespie - Bloomberg
/jlne.ws/3E5BcQP
Overseas Bond Sellers Kick Tires in Canada Mortgage Plan Shadow
Esteban Duarte - Bloomberg
/jlne.ws/45DMhnF
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