| August 01, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Former Bank of England Chief Economist Andy Haldane, who is now chief executive of the Royal Society of Arts and a Financial Times contributing editor, has written a commentary in the FT titled "The real scandal of central bank digital currency" with the subheading, "We are missing an opportunity to level the monetary playing field in the interests of all citizens."
Haldane makes the case that cash is "an interest-free loan to government, a direct tax on citizens levied in proportion to their cash holdings at a tax rate given by the interest rate." The agreement that central bank digital currencies not pay interest, so as not to make them more competitive with commercial banks and undermine the stability of the banking system in times of trouble, is a lost opportunity to level the playing field for individuals, Haldane argues.
He ignores the question of privacy, which is often the first concern I hear about CBDC. But the tax on cash angle is one we don't often hear and he makes an interesting argument.
Elon Musk says he believes in free speech, it seems he just doesn't like free speech when it is about him or Twitter. Musk's X Corp is threatening to sue an anti-hate speech group, the Center for Countering Digital Hate, "which has suggested there has been a rise in hate speech and disinformation on Twitter since the entrepreneur took over the platform," the Financial Times reported. For some reason, I think this is a fight Mr. Musk is not going to want to get into. Rather, I expect him to try to bully the group, which is the wrong strategy for an anti-hate group.
Florida Governor and GOP Presidential candidate Ron DeSantis is accusing the Biden Administration of waging a "war" on bitcoin and has vowed to end it if he should become President, CoinDesk reported.
Speaking of the presidential race, there are more roadblocks for former President Donald Trump. Besides his growing list of indictments, there is a Charles Koch-tied group that has raised $78 million in the first half of 2023 that is trying to block Trump from becoming the Republican nominee, Bloomberg reported. Additionally, oil magnate and billionaire Republican donor Harold Hamm has told Trump to drop his bid for the White House and to help free the party of the "chaos" dogging the former president by acting instead as the party's "kingmaker, a role for him to be very influential" and back another candidate rather than seek a return to office, the Financial Times reported.
The "crypto couple" ensnared in charges related to a $4.5 billion bitcoin-laundering scheme are set to plead guilty in federal court today. This is all related to an elaborate plot to sell bitcoin that was stolen during the 2016 hack of Bitfinex, Business Insider said.
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 Intercontinental Exchange is hosting the annual ICE Climate & Capital Conference at the New York Stock Exchange on September 20, 9:00 a.m. to 6:00 pm. The conference takes place during NYC Climate Week, and topics include physical climate risk, biodiversity loss, large-scale human migration, and changing regulatory frameworks. These will be addressed through a series of panels, fireside chats, and interactive discussions with industry leaders. Experts from the Taskforce on Nature-related Financial Disclosures, Deutsche Bank, Schroders, Inclusive Capital Partners, and Columbia University will join Elizabeth King, President, Sustainable Finance and Chief Regulatory Officer at ICE, at the event. Gitterman Asset Management, FinTechTV and Accenture are co-hosts of the event. Learn more and sign up for the free livestream here.~SAED
Our most read stories yesterday on JLN Options were:
- The stock market's fear gauge just hit a 42-month low. Investors are ignoring a load of risks, hedge fund manager says.
- More Volatility Beckons Markets Still Digesting Milestone Week
- Traders Brace for $102 Billion Wave of Treasury Bond Sales ~JB
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Cboe's Iouri Saroukhanov talks with JLN at IDX London about the European derivatives space
JohnLothianNews.com
Iouri Saroukhanov, head of European derivatives at Cboe Global Markets, was interviewed by JLN Correspondent Julie Ros at the FIA International Derivatives Week (IDX) in London recently. Saroukhanov discussed Cboe's move into the European derivatives space and its competitive advantage for building a European derivatives exchange. JLN also asked Saroukhanov about the products CEDX offers and what differentiates CEDX from other exchanges in single stock options.
Watch the video »
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Mark Spanbroek's FIX EPTG Chair Swansong IDX Interview with JLN's Julie Ros
JohnLothianNews.com
IDX was full of goodbyes for Mark Spanbroek, the long-serving chair of the FIA European Principal Traders Group. JLN did not want to be left out and so JLN Correspondent Julie Ros interviewed Spanbroek at FIA's International Derivatives Week after he had been interviewed on stage by former FT journalist Jeremy Grant.
Watch the video »
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Industry Still Isn't 'Close' to Solving the Blockchain Trilemma: Offchain Labs Chief Strategy Officer
Liam J. Kelly, Tim Hakki - CoinDesk
Since the arrival of CryptoKitties in 2017 and DeFi Summer in 2020, the industry is still grappling with how to make blockchains better, cheaper, and faster. And this is precisely where Offchain Labs' chief strategy officer A.J. Warner and his team are setting up camp: solving the famed blockchain trilemma. The blockchain trilemma refers to the three core challenges developers face when building a blockchain: scalability, security, and decentralization. Gains made in one of these areas are concessions in another.
/jlne.ws/47bfSqe
***** Here is an idea. Don't use blockchain; use something better, cheaper, and faster, but then say that you do use blockchain. No wait, I think that is already being tried.~JJL
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LedgerEdge closes three years after launch; The bond trading platform has gone into administration, despite continued client support and improved traction in 2023.
Claudia Preece - The Trade
Start-up bond trading platform LedgerEdge has closed three years after its establishment due to "an extremely challenging funding environment", the organisation has confirmed. The business was launched by industry veteran and founder of blockchain consortium R3, David Rutter, in a bid to digitise the traditional corporate bond market. The firm focused on expanding the reach of electronic trading and providing market participants an alternative model.
/jlne.ws/3qlkhpT
****** How do you discover how to make a lightbulb? You keep trying until you succeed.~JJL
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Monday's Top Three
Our top story Monday was a tie between Bloomberg's Virtu Is Bracing for SEC Lawsuit After Settlement Talks Fail and The Wall Street Journal's Little-Known Tips for Working Smarter With Your Office Software. Second was The Best Shoes for Standing All Day, from The Wall Street Journal Buy Side. And third was the Notice of Disciplinary Action against Alessandro Bonaffini, from the CME Group.
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| Lead Stories | War, AI and Climate Change Shake Up $32 Trillion in Global Trade; From Morocco to Mexico, what this new world is starting to look like on the ground.
Bloomberg News
In Morocco trucks from a Connecticut logistics company ferry car parts and clothing across the Strait of Gibraltar. In Japan a new Âsemiconductor plant transforms a once-quiet farm town. In France a battery plant's staff learns to supervise new colleagues: robots. These moments, which might seem unrelated, Ârepresent a transformation in world trade. US-China tensions and Russia's invasion of Ukraine are leading companies to bring supply chains closer to home. A shift from fossil fuels is spurring demand for materials essential for electrification. Artificial intelligence is forcing employees to learn new skills so they won't be replaced by computers. Long before these trends are reflected in government data, they're already changing global commerce, which amounts to $32 trillion a year in goods and services, according to the World Trade Organization. Bloomberg Markets dispatched reporters to discover what this upheaval looks like on the ground.
/jlne.ws/3QDmGHx
BlackRock, MSCI Face Congressional Probes for Facilitating China Investments; Americans' retirement funds are unwittingly fueling Chinese firms the U.S. has flagged over security and human-rights issues, lawmakers say
Kate O'Keeffe and Corrie Driebusch - The Wall Street Journal
The world's largest asset manager and a top stock-market-index compiler are being investigated by a congressional committee for facilitating American investment in Chinese companies the U.S. government has accused of bolstering China's military and violating human rights.
/jlne.ws/43QRBmx
Carbon Offset Market Opens to Small Southern Timberland Owners; Commodity trader Mercuria to buy credits produced by BP's Finite Carbon
Ryan Dezember - The Wall Street Journal
One of the country's largest forest-carbon firms is launching a platform to enable Southern-timberland owners to sell carbon offsets on properties as small as 40 acres, expanding a market that has mostly been limited to owners of vast wooded tracts. Finite Carbon, which is majority owned by energy giant BP, said it would begin this month to enroll landowners in 13 Southern states in the program. It will pay them quarterly if they agree to not cut down trees for 20 years and then maintain a steady volume of standing timber on their property for another two decades. The trees must be big enough to be salable at the time the no-cut contract is signed.
/jlne.ws/43OrMDx
Man Group shares tumble as performance fees and profits collapse; Market direction bets fail to deliver for hedge fund manager after two strong years
Costas Mourselas - Financial Times
Shares in the world's largest listed hedge fund manager Man Group tumbled on Tuesday as performance fees and profits collapsed. Shares fell 7.4 per cent by early afternoon after the group said fees from fund returns had dropped 92 per cent to $32mn in the first half of the year. That in turn hit pre-tax profits, which tumbled 65 per cent to $137mn.
/jlne.ws/47px5MS
ICE Reworks Corporate Bond Trading Tool to Manage Market Risk; A rise in passive investing helps lure new players to market; Electronic bond trading volumes have surged recently
Katherine Doherty, and Olivia Raimonde - Bloomberg
Intercontinental Exchange Inc., the market operator and parent of the New York Stock Exchange, said it has relaunched a system that aims to help broker-dealers transact, boosting liquidity in the credit market. The ICE risk matching auction, which matches buyers and sellers of the same corporate bond or list of bonds to determine the best price for the transaction, was reworked and went live in recent months after years of being dormant, according to a statement.
/jlne.ws/3OfxnNt
Curve Founder's $168M Stash Is Under Stress, Creating a Risk for DeFi as a Whole; Curve CEO Michael Egorov pledged 34% of CRV's total market cap to back loans across DeFi protocols. A forced liquidation would result in selling at a time when prices are already falling.
Krisztian Sandor, Sage D. Young, Sam Kessler, Daniel Kuhn - CoinDesk
Chaos at Curve Finance has put a $168 million lending position held by founder Michael Egorov at greater risk of liquidation, an event that - if it happens - could have giant implications across decentralized finance (DeFi). Egorov has $168 million of CRV, Curve's native token, securing loans from multiple DeFi protocols, data on blockchain analytics site DeBank shows. That equals almost 34% of the token's total market capitalization. Following an exploit over the weekend at Curve, CRV's price has sunk more than 20%, putting Egorov closer to levels where he'd get liquidated.
/jlne.ws/45b9ZYu
Bald Token Rugpull May Have Links to Sam Bankman-Fried's Alameda, Data Shows; On-chain data shows bald's deployer contract has interacted with Alameda-linked wallets and was an active DeFi participant in the early days.
Sam Reynolds, Shaurya Malwa - CoinDesk
The rug-pulling of short-lived, heavily hyped meme coin bald (BALD) has a whole cast of characters, but is one of them Sam Bankman-Fried? On-chain data suggests interactions between the memecoin BALD's deployer contract and one of the wallets tagged by Nansen as belonging to Alameda Research - the trading company founded and controlled by Bankman-Fried. The data was cited by several blockchain sleuths on the social media platform formerly known as Twitter and later validated by CoinDesk.
/jlne.ws/43KLLmE
BOE Gilt Sales Are a Multibillion-Pound Mistake; Why don't UK central bankers seem to have the slightest care about taxpayers?
Marcus Ashworth - Bloomberg
The Bank of England cherishes its independence as a central bank free to decide monetary policy. But it's also an arm of the state with a duty of care to taxpayers. Its recent approach to reducing its vast pile of bond holdings - at the same time as it aggressively raises interest rates - borders on dereliction. Massive losses are being taken on the sales,but the BOE is determined to stay the course.
/jlne.ws/3q6sT3Q
Has the bond ETF boom helped nurture the private credit frenzy? Barclays thinks so
Robin Wigglesworth - Financial Times
A lot of people viscerally hate the idea of fixed income ETFs, but despite the recent choppiness in bond markets ETFs keep going, growing and altering the nature of the underlying market. The rising popularity of corporate bond ETFs - and the portfolio trading that they help enable - makes it easier for investors to manage portfolios, lowers trading costs and increases liquidity, according to a new Barclays report.
/jlne.ws/3Yiqz69
Crypto Exchange Curve Sees $1.5 Billion Removed After Hack; Software language vulnerability led to hacking incidents; Curve leader borrowed $100 million against project's token
Muyao Shen - Bloomberg
Cryptocurrency worth more than $1.5 billion has been removed - some stolen, some moved for safekeeping - from the decentralized exchange Curve Finance since it revealed on Sunday it had been hacked. Curve was the second-largest decentralized exchange in crypto before it announced the discovery of an vulnerability. The total amount of cryptocurrency on the exchange has since plummeted by nearly 50% to $1.62 billion, according to tracker site DeFiLlama.
/jlne.ws/3qb4wll
Ripple Ruling on Crypto Rejected by Federal Judge in Terra Case; Judge rejects Ripple ruling distinction hailed by crypto fans; Decision again muddies regulatory outlook for digital assets
Bob Van Voris, Allyson Versprille, and Chris Dolmetsch - Bloomberg
A federal judge in New York split with another judge who earlier this month ruled that a Ripple Labs token was not a security when sold to the public on secondary markets, adding to uncertainty over cryptocurrency regulation. US District Judge Jed Rakoff on Monday allowed the Securities and Exchange Commission to go forward with its case against Terraform Labs Pte and founder Do Kwon.
/jlne.ws/43QAz7O
Biggest Oil ETF Sees Record Cash Withdrawal as Crude Tops $80
Alex Longley - Bloomberg
Oil exchange-traded funds posted their largest week of outflows for more than a year, led by a record withdrawal from the crude market's biggest ETF.
Investors pulled almost $200 million in a single day from WisdomTree's Brent crude oil product, which in January became the biggest in the sector. That's the most since it began trading.
/jlne.ws/44QaDdS
Goldman Sachs on equities execution: Tacking with the wind; Annabel Smith sits down with the Goldman Sachs equities execution services desk for EMEA to discuss the changing role of a sell-side counterparty, evolving client demands and market structure and regulatory change on the horizon.
Annabel Smith - The Trade
The relationship between banks and their clients has shifted in recent years as the advancement of technology has encouraged a broader range of firms to become more autonomous with how they execute smaller trades and less risk averse with larger ones.
/jlne.ws/3YnueQs
ICE relaunches sweeps protocol for corporate bonds to meet market demands; The exchange and clearing house operator invested both human capital and technology to relaunch the ICE Risk Matching Auction (RMA) product - part of the ICE Bonds' suite of trading protocols.
Claudia Preece - The Trade
Intercontinental Exchange (ICE) has relaunched ICE RMA, its sweeps protocol for corporate bonds, effectively expanding its fixed income liquidity offering, in response to market demand. ICE RMA - part of the ICE Bonds' suite of trading protocols - is used in dealer-to-dealer fixed income trading. Initially launched in 2015, the service now conducts multiple auctions each week, with 50 registered firms and more than 400 connected users.
/jlne.ws/3OBUEJR
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Mexican president urges end to 'irrational' Ukraine war, wants Russia at peace talks
Reuters
Mexican President Andres Manuel Lopez Obrador on Monday called for an end to the "irrational" war in Ukraine, urging upcoming peace talks in the Middle East to include representation from both Ukraine and Russia. Lopez Obrador said Mexico would only take part in the talks in Saudi Arabia, reportedly scheduled to be held over the coming weekend, if both sides were present.
/jlne.ws/43Qsgcp
Russia's Seaborne Crude Flows Slump to the Lowest Since January; Four-week average shipments dropped below 3 million barrels a day
Julian Lee - Bloomberg
Russia's seaborne crude flows in the four weeks to July 30 fell to the lowest since early January, shortly after a European Union import ban and a wider price cap on the country's exports came into effect. Four-week average shipments dropped to 2.98 million barrels a day, the smallest since the 28-day period ending Jan. 8 and down by more than 900,000 barrels a day from the peak seen in mid-May. More volatile weekly flows rose, with record-equaling shipments from the Arctic.
/jlne.ws/44OYMgk
Russia Sanctions Aren't Stopping Putin But May Stop Xi; Economic penalties may not change a rogue nation's behavior right away, but they wear it down and give other leaders pause about aggression and repression.
Hal Brands - Bloomberg
America has a love-hate relationship with sanctions. Official Washington loves them: Their use, as tools of coercion and punishment, has expanded dramatically in recent decades. And many commentators aren't happy about that: They argue that Washington uses sanctions reflexively, in pursuit of quixotic objectives, and in ways that undermine US power.
/jlne.ws/3KmkX5i
Drone hits Moscow tower block housing Russian government offices; Strike is second in three days and signals Ukraine's intent to step up attacks on targets inside Russia
Anastasia Stognei and Christopher Miller - Financial Times
A skyscraper in Moscow's main business district, home to several government ministries, was damaged by a drone strike on Tuesday for the second time in three days, signalling Ukraine's intent to step up attacks on strategic targets inside Russia.
/jlne.ws/3DEKVgu
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | MIAX Options, MIAX Pearl Options And MIAX Emerald Options Exchanges - New API Access To Member Firm Portal And Related Fees
Miami International Securities Exchange
Effective August 1, 2023, MIAX Options, MIAX Pearl Options, and MIAX Emerald Options will begin providing access to its Member Firm Portal via an Application Programming Interface ("API") in addition to its current web-based user interface.
/jlne.ws/3DFJL4x
MIAX Exchange Group - Options Markets - Market For Underlying Security Used For Openings On MIAX Options, MIAX Pearl Options And MIAX Emerald Options For Newly Listed Symbols Effective Tuesday, August 01, 2023
Miami International Securities Exchange
Please refer to the Regulatory Circulars listed below for newly added symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges. The newly listed symbols will be available for trading beginning Tuesday, August 01, 2023.
/jlne.ws/3KiFaZN
Public Comment on IOSCO's Consultation Report on Policy Recommendations for Crypto and Digital Asset Markets
CCP12
The Global Association of Central Counterparties ("CCP12") is the international association for central counterparties ("CCPs"), representing 42 members who operate over 60 individual CCPs across the Americas, EMEA, and the Asia-Pacific region. CCP12 appreciates the opportunity to respond to the Board of the International Organization of Securities Commissions ("IOSCO") Consultation Report on Policy Recommendations for Crypto and Digital Asset Markets("the Consultation") and commends IOSCO for further engaging in this important topic. Last year's crypto-winter, marked by substantial losses in the value of cryptocurrencies, was due, in part, to events that exemplify the lack of both transparency and appropriate regulation in the crypto-asset market. While CCPs are not at the core of this Consultation, as financial market infrastructures, the safety, integrity, and transparency of financial markets and investor protection issues are of the utmost importance to us. Therefore, we would like to share several comments regarding the Consultation.
/jlne.ws/47pqzFU
SIX Exchanges Figures: July 2023
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain *Due to the Swiss National Day, the combined figures and Swiss figures will be published on 2 August
/jlne.ws/3QgtElr
Trading Overview in July 2023
Japan Exchange Group
Japan Exchange Group released Trading Overview in July 2023. Cash Equity Market - In July 2023, the daily average trading value for the Prime Market (domestic common stocks) was JPY 3.9023 trillion. - The daily average trading value for the ETF market was JPY 278.5 billion.
/jlne.ws/3YdUInj
Webpage Regarding the Incorporation of Letters into Securities Identification Codes
Japan Exchange Group
The Securities Identification Code Committee has set up a page on its website that provides an overview of the incorporation of letters into securities identification codes. Each company in Japan Exchange Group is working with the Securities Identification Code Committee to prepare for the incorporation of letters into securities codes.
/jlne.ws/3OEF29i
Policy Relating To Position Management Arrangements - Update To Accountability Levels
London Metal Exchange
Summary 1. This Notice informs Members and other market participants of updates to the "Single Prompt Accountability Levels" and the "All Prompt Accountability Levels" for Aluminium and Tin, pursuant to paragraph 58 of the Policy Relating to Position Management Arrangements (the "Policy").
/jlne.ws/3vimcfa
Moscow Exchange has developed an option calculator for derivatives market participants
MOEX
On August 1, 2023, the Moscow Exchange provided derivatives market participants and their clients with a new online service - an option calculator . This is a tool for fast and efficient building of trading strategies on the derivatives market, which greatly simplifies the process of making trading decisions and automatically calculates most of the necessary indicators. The use of the service is free.
/jlne.ws/3rOiB8R
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange Closed for Civic Holiday
TMX Group
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange will be closed on Monday, August 7, 2023 for the Civic Holiday. The Exchanges will re-open and resume regular trading on Tuesday, August 8, 2023.
/jlne.ws/3DEa37c
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | TNS Dedicated Server Expands with Comprehensive Cloud - Server Management Suite; Breakthrough end-to-end solution helps traders adopt cloud technology for lower costs
Transaction Network Services
Transaction Network Services (TNS) today extended the build out of its TNS Cloud platform with the introduction of TNS Cloud - Server Management, delivering full-suite trading infrastructure and support to buy- and sell-side institutions and their vendors. Designed for high-performance exchange trading utilizing TNS' bare metal servers and ultra-low latency trading connectivity, TNS Cloud - Server Management combines the company's Dedicated Server hosting capabilities with hands-on server management. This end-to-end offering helps to dramatically reduce clients' trading center complexity and costs, allowing firms to focus their human resources on mission-critical business goals and go-to-market opportunities.
Twitter/X Sues Hate-Speech Research Group Over Claims That Hateful, Racist Content Has Proliferated Under Elon Musk's Ownership
Todd Spangler - Variety
X, the Elon Musk-owned social service formerly known as Twitter, said it filed a legal claim against the Center for Countering Digital Hate. "Despite our continued progress, the Center for Countering Digital Hate (CCDH) and its backers have been actively working to assert false and misleading claims encouraging advertisers to pause investment on the platform.
/jlne.ws/3KoB3LM
Billionaire Kretinsky on a Buying Spree of Unloved French Assets; Czech tycoon adds more French assets to his European portfolio; Purchase of Atos's legacy ops will be his latest acquisition
Benoit Berthelot - Bloomberg
Daniel Kretinsky is at it again. The Czech billionaire is turning into a serial buyer of French assets, mostly firms that are flailing and badly in need of a savior. The moves are helping him climb to the top echelons of the country's business establishment. In the latest such attempt, the 48-year-old self-proclaimed Francophile is offering to take over the legacy assets of Atos SE, the technology company said on Tuesday. Atos will get EUR100 million ($110 million) in cash and transfer EUR1.9 billion in debt to the buyer, it said.
/jlne.ws/478bHvv
Russia Sanctions Aren't Stopping Putin But May Stop Xi; Economic penalties may not change a rogue nation's behavior right away, but they wear it down and give other leaders pause about aggression and repression.
Hal Brands - Bloomberg
America has a love-hate relationship with sanctions. Official Washington loves them: Their use, as tools of coercion and punishment, has expanded dramatically in recent decades. And many commentators aren't happy about that: They argue that Washington uses sanctions reflexively, in pursuit of quixotic objectives, and in ways that undermine US power.
/jlne.ws/3KmkX5i
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| Cybersecurity | | Top stories for cybersecurity | Crypto Hacks and Exploits Cost Traders $303M in July; Worst Month of 2023
Krisztian Sandor - CoinDesk
Crypto traders have lost $303 million worth of digital assets in cryptocurrency exploits and hacker attacks this month, security audit firm CertiK tweeted, putting July on track to be the worst month this year so far in terms of stolen value. The report comes as decentralized finance (DeFi) investors are still reeling from this weekend's exploit of decentralized exchange Curve Finance, a key infrastructure in the DeFi ecosystem.
/jlne.ws/3OiRmdZ
Cybersecurity Investment Trends In The U.S.
Juta Gurinaviciute - Forbes
To identify trends and to present an actual view of cybersecurity readiness, our company conducted research about cybersecurity spending, investments, and cyber incidents in the U.S. As a CTO, I know firsthand that cybersecurity is an essential component of any company's operations. Without it, businesses are vulnerable to cyberattacks that can lead to financial loss, data breaches and reputational damage. Moreover, according to the data from our company's study, only 20% of businesses avoided cyberattacks last year.
/jlne.ws/3QgxTNT
The SEC just released new rules for reporting cybersecurity breaches-here's what it means for CFOs
Sheryl Estrada - Fortune
Four business days. That's how long public companies have to report to the U.S. Securities and Exchange Commission (SEC) a cybersecurity breach that may impact an organization's bottom line. The SEC announced the adoption of new rules on July 26 that requires the disclosure on the new Item 1.05 of Form 8-K of any cybersecurity incident the company determines to be "material," along with a description including the "nature, scope, and timing," and likely impact.
/jlne.ws/3OEIFvW
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| Cryptocurrencies | | Top stories for cryptocurrencies | LeetSwap DEX Pauses Trading on Base Due to Potential Exploit
Nivesh Rustgi - Decrypt
LeetSwap, the leading decentralized exchange by trading volume and liquidity on Base, an Ethereum layer-2 solution by Coinbase, paused trading on its platform due to potential exploitation of the platform's liquidity pools.
/jlne.ws/43KqKsc
Bank of Korea Chooses Three Regions To Test CBDC Program
Hope C - CoinMarketCap
According to a South Korean media site, the Bank of Korea has selected Jeju, Busan, and Incheon as potential locations for the "private target CBDC test bed" for the central bank digital currency (CBDC).
/jlne.ws/3YioJCp
Curve Liquidity Pools Exploited, Hackers Steal $24M From DeFi Protocols
Hope C - CoinMarketCap
On July 30, a number of decentralized finance (DeFi) protocols came under attack, which led to the loss of cryptocurrency valued at over $24 million. The attackers took advantage of a vulnerability in liquidity pools on Curve, an automated market maker (AMM) platform.
/jlne.ws/3q4Ria1
FTX Plans to Restart Crypto Exchange for International Customers
Sam Reynolds - CoinDesk
Defunct crypto exchange FTX has proposed to organize its creditors into different classes of claimants, and has provided a pathway for one class of claimants to restart the FTX exchange with third-party investors - should the group agree to it.
/jlne.ws/3q5j4mJ
Tron Founder Justin Sun And Other DeFi Players Step in To Alleviate Curve Finance's Looming Bad Debt Situation; Sun said a liquidity pool that utilizes tether stablecoins issued on the Tron network would "amplify user benefits," pointing to saving a potentially bad loan.
Shaurya Malwa - CoinDesk
Justin Sun, the founder of the Tron blockchain, stepped in to protect against a possible bad debt situation stemming from falling curve (CRV) token prices that could impact a massive loan tied to Curve Finance founder Michael Egorov.
/jlne.ws/43NTKPW
Binance Wins Operational License in Dubai; Binance met pre-conditions set since receiving a preparatory licence in September 2022.
Amitoj Singh - CoinDesk
/jlne.ws/3DD6bDm
Crypto's Asia Pivot Spurs Market Maker Wintermute to Boost Singapore Base; Wintermute co-founder and some staff to move to city-state; Company conducts its derivatives business from Singapore
Takashi Nakamichi and Suvashree Ghosh - Bloomberg
/jlne.ws/43Mq7yh
Will Wall Street Interest in Bitcoin Scare Cypherpunks Away?
Mathew Di Salvo - Decrypt
/jlne.ws/3DDM9J2
Tiny Bitcoin ATM Firm Plans to Fight Giant Swiss Regulator in David vs Goliath Battle
Ian Allison - CoinDesk
/jlne.ws/3qbliAS
Larry Fink Got 'Orange-Pilled', Says Galaxy Digital's Mike Novogratz: Bloomberg
Jamie Crawley - CoinDesk
/jlne.ws/3DAA1sc
FTX Saga Continues: Will Sam Bankman-Fried Go to Jail Before His October Trial?
CoinDesk
/jlne.ws/47eGczJ
BlackRock, Worldcoin, Ripple: Bitcoin Bull Mike Novogratz Dishes on Crypto; Galaxy Digital CEO sees BlackRock, Fed driving Bitcoin price; Says Worldcoin price could rise as part of 'AI hype cycle'
Yueqi Yang - Bloomberg
/jlne.ws/450pp1w
What the crypto industry's rebound illustrates
Declan Harty - Politico
/jlne.ws/3OD4mg0
Tether Attestation Says Second-Quarter Profit Was $850 Million; Stablecoin issuer's profit rose even as sector contracted; Treasuries backing reserve totaled about $72.5 billion
David Pan - Bloomberg
/jlne.ws/3DDZpNW
BALD Token Plunges 90% as Developer Pulls Liquidity
Shaurya Malwa - CoinDesk
/jlne.ws/3DW3TQ9
Barry Silbert's Digital Currency Group Names Shifke as CFO; DCG says second-quarter revenue totaled $216 million; DCG says it's close to settling with bankruptcy creditors
Olga Kharif - Bloomberg
/jlne.ws/47cuSEa
Just How Deep Is Mark Zuckerberg's Metaverse Money Pit?; The company has lost $21 billion creating its virtual reality experience since the start of 2022. It's only a matter of time before investors start demanding answers.
Dave Lee - Bloomberg Opinion
/jlne.ws/3KnGrhY
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| Politics | | An overview of politics as it relates to the financial markets | Financial secrecy is killing democracy
Raymond W. Baker - World Finance
Raymond Baker is a man on a mission. Following a long career in business that started in Nigeria during the decolonisation period, he published in 2005 Capitalism's Achilles Heel, a seminal book on illicit financial flows. Nearly two decades later, things are even bleaker. In his new book Invisible Trillions, Baker, 87, argues that financial secrecy has become a main driver of capitalism, bringing the kleptocracy he witnessed in Africa closer to home.
/jlne.ws/44Gmrzr
Robert F. Kennedy Jr: Bitcoin Energy Concerns Should Not Be Used as 'Smokescreen' to Limit Freedom
Andrew Asmakov - Decrypt
U.S. Democratic presidential candidate Robert F. Kennedy Jr. has again jumped to defend Bitcoin, endorsing arguments that the environmental impact of the world's largest cryptocurrency isn't nearly as dangerous as it's reported.
/jlne.ws/3YgDXb6
Donald Trump donor pours cash into Robert Kennedy Jr's White House run
Federal filings show businessman Timothy Mellon gave $5mn to back Biden rival's presidential bid
James Politi and Sam Learner - Financial Times
A top Republican donor to Donald Trump's past presidential campaigns is helping to bankroll Robert F Kennedy Jr's long-shot White House bid, as conservative cash keeps flowing to Joe Biden's main challenger for the Democratic nomination.
/jlne.ws/45apO1y
The U.S. Clean-Energy Company That Hit the Subsidies Jackpot
Phred Dvorak - The Wall Street Journal
Of all the beneficiaries of the U.S.'s green-energy push, few have hit the jackpot like First Solar. The Arizona-based solar-panel manufacturer expects to receive as much as $710 million this year-nearly 90% of forecast operating profit-from subsidies the U.S. government rolled out a year ago to encourage domestic renewables production.
/jlne.ws/45dunbn
DeSantis Says He Will Weigh U.S. Ban of TikTok if Elected President; GOP presidential contender calls confronting China a top economic priority
Alex Leary - The Wall Street Journal
Republican presidential candidate Ron DeSantis said if elected he would look at a national ban of TikTok, the popular video sharing app, citing a growing threat to the U.S. from China. "I am inclined to not want TikTok in the United States," DeSantis told The Wall Street Journal in an interview following the release of his economic plan that identifies confronting Beijing as a priority.
/jlne.ws/3QkB5b6
DeSantis' new economic plan targets 'woke' ESG, China trade policy and student loans
Kevin Breuninger - CNBC
/jlne.ws/3DEtE78
Mike Huckabee's "Kids Guide to the Truth About Climate Change" Shows the Changing Landscape of Climate Denial; Producers of climate misinformation are targeting kids and families, delivering an updated message that acknowledges global warming, but minimizes the influence of human emissions.
Keerti Gopal - Inside Climate News
/jlne.ws/3rN2Fnb
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| Regulation & Enforcement | | Stories about regulation and the law. | UK accounting watchdog appoints Richard Moriarty as chief executive
Robert Wright - Financial Times
Richard Moriarty has been appointed the new head of the UK's accounting watchdog, as it seeks to introduce significant reforms in the wake of a series of corporate scandals. Moriarty, who led the UK's aviation regulator for five years until this spring, will succeed Sir Jon Thompson as chief executive of the Financial Reporting Council, the government said on Monday.
/jlne.ws/3OjtZky
Commissioner Pham Announces Executive Staff Appointments
Commodity Futures Trading Commission
CFTC Commissioner Caroline D. Pham announced today Harry Jung has joined her staff as Counselor & Senior Policy Advisor. Brigitte Weyls has been appointed Chief Counsel. Meghan Tente continues to serve as Chief of Staff. "I am thrilled to announce Harry is joining my team. He brings a deep expertise in capital markets policy and extensive experience in developing strategy and positions on emerging regulatory risk issues," said Commissioner Pham.
/jlne.ws/3Kig6lp
U.S. SEC Sues Richard Heart, Hex, PulseChain on Unregistered Securities, Fraud Allegations
Nikhilesh De - CoinDesk
The U.S. Securities and Exchange Commission (SEC) sued internet marketer Richard Schueler, known online as Richard Heart, and his projects Hex, PulseChain and PulseX, alleging he raised over $1 billion across three different unregistered securities offerings beginning in 2019. Heart also defrauded his investors, the SEC alleged in a lawsuit on Monday, by using investor funds for personal goods.
/jlne.ws/43S8vku
Huge Diamond Bought Illegally With Crypto Proceeds, SEC Alleges; Regulator says Hex token founder Richard Heart broke its rules; SEC sued Heart, Hex, PulseChain and PulseX in federal court
Allyson Versprille - Bloomberg
The creator of crypto token Hex illegally used millions of dollars of investor funds to buy a 555-carat black diamond known as "The Enigma," according to the US Securities and Exchange Commission. Wall Street's main regulator alleged in federal court on Monday that Richard Schueler, who goes by Richard Heart, raised more than $1 billion by selling unregistered securities, including the Hex coin and other tokens affiliated with his PulseChain blockchain network and PulseX decentralized finance platform.
/jlne.ws/3qd9QVq
Judge Rejects Ripple Ruling Precedent in Denying Terraform Labs' Motion to Dismiss SEC Lawsuit
Nikhilesh De - CoinDesk
A federal judge denied stablecoin issuer Terraform Labs' motion to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC) on Monday, saying the regulatory agency has sufficiently argued it has jurisdiction and "asserted a plausible claim" that TerraUSD (UST), the Anchor Protocol and LUNA may have violated securities law.
/jlne.ws/45doPxD
SEC's Crypto Fight Gets a Boost From Judge in Do Kwon Case
Dave Michaels - The Wall Street Journal
A Manhattan federal judge has rejected jailed crypto tycoon Do Kwon's request to toss the enforcement action against him, giving a lift to the Securities and Exchange Commission's legal strategy to regulate the market. U.S. District Judge Jed Rakoff's order Monday comes three weeks after another federal judge partly ruled against the SEC in a different enforcement case. Rakoff suggested in his ruling that his colleague's reasoning in that case over the XRP cryptocurrency was erroneous.
/jlne.ws/44Mb1ub
Terraform Labs must face US SEC fraud allegations, judge rules
Jody Godoy - Reuters
Terraform Labs and its founder, Do Kwon, must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge ruled on Monday. Kwon and Terraform Labs were behind two cryptocurrencies whose implosion roiled crypto markets around the world last year. U.S. District Judge Jed Rakoff in Manhattan denied their motion to dismiss allegations that they defrauded investors and sold billions of dollars in digital assets that were unregistered securities.
/jlne.ws/43UaEMC
New SEC Rules Aim to Curb Investor Costs When Companies Are Hacked
Kiplinger
Publicly traded companies would need to disclose cybersecurity breaches in 4 days. The Securities and Exchange Commission (SEC) has adopted new rules requiring public companies to disclose within four days material cybersecurity breaches that could affect investors. In a statement announcing the decision, SEC Chair Gary Gensler acknowledged that many public companies already disclose cybersecurity events to investors.
/jlne.ws/3ODu1oS
SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars of Investor Funds from Unregistered Crypto Asset Securities Offerings that Raised more than $1 Billion
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today charged Richard Heart (aka Richard Schueler) and three unincorporated entities that he controls, Hex, PulseChain, and PulseX, with conducting unregistered offerings of crypto asset securities that raised more than $1 billion in crypto assets from investors. The SEC also charged Heart and PulseChain with fraud for misappropriating at least $12 million of offering proceeds to purchase luxury goods including sports cars, watches, and a 555-carat black diamond known as 'The Enigma' - reportedly the largest black diamond in the world.
/jlne.ws/4519bFy
SEC Charges Unregistered Broker for Unlawful Sales of Securities to Retail Investor
SEC
The Securities and Exchange Commission today announced charges against Blake Cathey for unlawfully selling securities of Florida-based Accanito Equity, LLC, Accanito Equity II, LLC, Accanito Equity III, LLC, and Accanito Equity IV, LLC (collectively the Accanito LLCs) to retail investors. The SEC previously filed an enforcement action against Brent Seaman, the Accanito LLCs, and affiliated entities on July 27, 2023, in connection with the alleged scheme.
/jlne.ws/3DEbxOO
Consumer Duty sets higher standards for financial services customers
Financial Conduct Authority
The new rules, known as the Consumer Duty, set a higher standard of consumer protection in financial services. We're closely monitoring how firms are putting our new rules in place and will take action against those that aren't following them. These rules apply to all new and existing products and services that are currently on sale. For older products that are no longer on sale, the rules will apply from 31 July 2024.
/jlne.ws/3q9wzBR
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Billionaire Harold Hamm Sees a Great Oil Fortune Still Untapped in US Shale; Forecasters see shale production reaching a peak by 2030; Hamm doesn't rule out expanding into new basins with deals
David Wethe - Bloomberg
The first thing that greets visitors entering the headquarters of billionaire Harold Hamm's Continental Resources Inc. is a 9-foot-long statue of a snarling bull named Boe. Boe - short for barrels of oil equivalent - is an apt symbol for a veteran wildcatter who's still betting big on more crude production in the US. Hamm is a shale pioneer, the first to figure out how to drill miles-long wells sideways to unleash oil from North Dakota's Bakken shale region.
/jlne.ws/44Q08XZ
Traders Pay $200,000 a Day to Ship Gas as Tankers Become Scarce Ahead of Winter; More vessels are being used as floating storage before winter; Traders bet that LNG prices will rise with colder weather
Ruth Liao - Bloomberg
Traders are poised to shell out more than $200,000 a day to ship liquefied natural gas in the coming months as tankers grow scarce ahead of winter, when demand for the heating fuel peaks. Charter rates surged to $284,750 for November and $206,750 for October, more than doubling from current levels, according to data from Spark Commodities.
/jlne.ws/3O91ENK
ISDA SwapsInfo First Half Of 2023 And The Second Quarter Of 2023 Review: Summary
International Swaps and Derivatives Association
The latest ISDA SwapsInfo Quarterly Review shows that interest rate derivatives (IRD) traded notional and trade count increased in the first half of 2023 compared to the first half of 2022, while index credit derivatives trading activity declined over the same period. This summary provides a high-level overview of key trends for the first half of 2023 and second quarter of 2023. The full report will be published in due course.
/jlne.ws/3rUF2JG
Ex-Cantor Investor Takes Aim at OnTheMarket After Failed Offer; Investor says capital, expertise can boost OnTheMarket returns; Firm already rejected an approach from Brett Stone last year
Damian Shepherd - Bloomberg
A would-be activist has penned a second letter to shareholders of OnTheMarket Plc, launching a scathing attack on the running of the property search portal and its decision to snub his investment bid. Brett Stone, a former partner at US investment bank Cantor Fitzgerald LP who now runs his own holding company, told Bloomberg News that he offered to invest more than £50 million ($64.3 million) in new shares last year, but had his proposal rejected.
/jlne.ws/47aM3WP
Top stock pickers hit by 'tremendous' amount of uninvested cash; Investors earning 5% in money market funds hold back from T Rowe Price, Franklin and other fund groups
Madison Darbyshire - Financial Times
Top active fund managers say they are struggling to attract money from large investors who are holding back in the face of volatile markets and cash accounts offering the best yields in years.
/jlne.ws/3rWxgiw
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Ratings Firms Struggle With Climate Risk in $133 Trillion Market; Global warming is poised to increase borrowing costs for cities, countries and companies as record heat waves emerge worldwide.
Gautam Naik - Bloomberg
With 46 straight days of 100-degree heat and coastal waters approaching hot-tub temperatures, Miami can seem like a clear example of the costs of a warming world. But analysts at S&P Global Inc. aren't sweating it. They recently upgraded Miami's credit rating, citing a robust tax base and labor market. The city's "elevated" environmental risks, S&P says, are offset by mitigation projects such as those designed to counter rising sea levels.
/jlne.ws/3Koafer
Natural Hydrogen Could Change the World, If We Understood It; We know next to nothing about how it's produced, let alone how to extract and transport it most efficiently.
David Fickling - Bloomberg Opinion
A village in the arid savannah of west Africa seems an unlikely place to mark the birth of an energy revolution. If promoters of the next big thing in clean power are right, however, we may all remember the name of Bourakébougou in years to come. That's because the site 55 kilometers (34 miles) northwest of Mali's capital Bamako was the first place on earth powered by natural hydrogen - pure gas seeping from the earth, like crude oil or methane.
/jlne.ws/47aD1cq
Asset managers not on track for climate target: report
Agence France-Presse
Asset managers are not doing enough to attain the target of climate neutrality in 2050, according to a report published on Tuesday, with US firms backsliding. InfluenceMap research programme FinanceMap studied the portfolios of the world's top 45 asset managers including giants Blackrock and Vanguard, which have $72 trillion under management.
/jlne.ws/3qc7u9o
Singapore's Building Technology It Needs for a New Climate Era; The island, which has set a goal to reach net-zero emissions by 2050, has made some progress deploying technologies like district cooling, floating solar and energy-efficient water desalination.
Sheryl Tian Tong Lee and Akshat Rathi - Bloomberg
Singapore has gone from a mudflat swamp with fishing villages to an island metropolis boasting one of the world's highest incomes and population densities-in a little more than 150 years. It's going to have to go through a different kind of transformation in less than 30 years, if it's to meet its newly set goal of reaching net-zero emissions by 2050.
/jlne.ws/3DAVTDE
Miami is Used to Heat, but Not Like This; The county's chief heat officer-the first in the world-strives to raise awareness about the dangers of heat, the leading weather-related killer in the U.S.
Amy Green - Inside Climate News
Heat is a familiar fact of life here. The local NBA team is named for it. The tropical nature of it sets the region apart from the rest of the continental U.S. But that heat is changing. "You just feel the thickness and heaviness of the air. You can't even get that relief at 6 o'clock in the morning, and that is different," said Jane Gilbert, chief heat officer for Miami-Dade County.
/jlne.ws/3rPUNBE
From Washington to Warsaw, a 'greenlash' is picking up steam despite extreme heat
Sam Meredith - CNBC
/jlne.ws/44MdSmT
ISSB Consults on Proposed IFRS Sustainability Standards Taxonomy
Regulation Asia
/jlne.ws/3KlKTxU
FRC Thematic Review Calls for Clearer Climate Reporting
Aaran Fronda - ESG Investor
/jlne.ws/44P9lzM
Offshore Wind Industry Is Caught In a Financial Hurricane; The question of who pays for the relatively high cost of generating power out at sea has become more contentious in an era of high inflation and interest rates.
Liam Denning - Bloomberg
/jlne.ws/3OCxOCJ
GMO Corn Won't Save Us From Climate Change; Creative adaptations are needed because of climate change, but they make it easier for policymakers to avoid solving the problem at its root.
Amanda Little - Bloomberg
/jlne.ws/43OoErh
Industry calls on UK to accelerate carbon capture as new projects approved; Two more schemes get government backing in Scotland and Northeast but 2030 target looms
David Sheppard, Rachel Millard and George Parker - Financial Times
/jlne.ws/47caIKE
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | How Hedge Fund Managers Are Using ChatGPT; Managers use the tool for marketing or summarizing documents; Some firms aim to use ChatGPT to analyze legal documents
Hema Parmar - Bloomberg
Hedge funds and other money managers are increasingly leaning on ChatGPT for marketing, and to summarize vast reports, according to a new survey. Forty-four percent of money managers use the artificial intelligence tool in a professional capacity, according to the report from BNP Paribas SA. Most utilize ChatGPT to generate marketing text, or to recap large documents such as regulatory filings or broker research reports.
/jlne.ws/3OD5xvW
Basel III: Endgame; The most ambitious regulatory crossover event in banking history
Alexandra Scaggs - Financial Times
Pour one out for the weekends and Augusts ruined by the new bank-capital rules proposed by a trio of US regulators. Wall Streeters and other analysts/lobbyists are piecing together the consequences of the thousand-plus-page proposal that constitutes the finale of the global regulatory response to the 2008-09 financial crisis.
/jlne.ws/3OCfcmv
The Moon Emoji Is Securities Fraud; Also micromanaged investment bankers and a chrome orb.
Matt Levine - Bloomberg Opinion
Last August, Ryan Cohen did a very funny joke. Cohen - founder of online pet-food retailer Chewy, chairman of the board at GameStop Corp. and general meme-stock influencer and activist - had spent about $121 million1 to buy about 9.8% of Bed Bath & Beyond Inc.'s stock in early 2022, and he sent Bed Bath's board of directors a letter advocating some strategic changes.
/jlne.ws/43PT5xd
Citadel Securities Hires Goldman's Rusoff as Head of Legal; He takes the position previously held by Heath Tarbert; Goldman's David Thomas also leaves the bank, according to memo
Katherine Doherty - Bloomberg
Citadel Securities hired Goldman Sachs Group Inc. partner David Rusoff as chief legal officer. Rusoff, who spent more than two decades at Goldman, will start at Ken Griffin's market-making firm early next year, according to a Citadel Securities representative. He will be responsible for legal and compliance functions, reporting to Chief Executive Officer Peng Zhao.
/jlne.ws/3OiQbLD
Nomura Profit Misses Estimates on Weak Wholesale Business; Retail revival fueled earnings as Japanese stocks rallied Wholesale cost ratio is too high and must be dealt with: CFO
Takashi Nakamichi, and Nao Sano - Bloomberg
Nomura Holdings Inc.'s profit rose less than analysts estimated in the fiscal first quarter, as soft wholesale results and another loss abroad overshadowed a rebound in retail business. Net income climbed to 23.3 billion yen ($163 million) in the three months ended June 30 from 1.7 billion yen a year earlier, the company said in a statement Tuesday. That missed the 34.3 billion yen average of three analyst estimates compiled by Bloomberg.
/jlne.ws/47fMCic
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | We're now finding out the damaging results of the mandated return to the office-and it's worse than we thought
Gleb Tsipursky - Fortune (Commentary)
We're now finding out the damaging consequences of the mandated return to office. And it's not a pretty picture. A trio of compelling reports-the Greenhouse Candidate Experience Report, the Federal Reserve's Survey of Household Economics and Decisionmaking (SHED), and Unispace's "Returning for Good" report-collectively paint a stark picture of this brewing storm. Unispace found that nearly half (42%) of companies with return-to-office mandates witnessed a higher level of employee attrition than they had anticipated. And almost a third (29%) of companies enforcing office returns are struggling with recruitment. In other words, employers knew the mandates would cause some attrition, but they weren't ready for the serious problems that would result.
/jlne.ws/43SSV8p
The 10 most in-demand work-from-anywhere jobs companies are hiring for in 2023
Morgan Smith - CNBC Make It
For an increasing number of job seekers, working from home one or two days a week isn't enough - they want the freedom to work from different cities and countries at their leisure, too. Flexa Careers, a global directory of flexible-work companies, found that the share of job seekers interested in "work from anywhere" roles rose to 88% in June from 80% in April - the largest increase since the company started tracking this information last year.
/jlne.ws/3OAxwfI
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China is suddenly dealing with another public health crisis: mpox; While the scale is vastly differently than covid, the government is already repeating some of the same mistakes.
Zeyi Yangarchive - MIT Technology Review
Hazmat suits, PCR tests, quarantines, and contact tracing-it was hard not to feel deja vu last week when China's Center for Disease Control and Prevention published new guidance on how to contain a disease outbreak. But what was happening was not another covid wave. Rather, the Chinese government was addressing a potentially significant new public health concern: mpox. The World Health Organization reports China is currently experiencing the world's fastest increase in cases of mpox (formerly known as monkeypox), and the country needs to act fast to contain the spread.
/jlne.ws/3DBnKDJ
How You Should Change Your Workout Once You Hit 40; Making a few tweaks to your fitness habits - and mind-set - as you hit middle age can set you up for long-term mobility with less pain.
Danielle Friedman - The New York Times
Getting older doesn't have to mean moving less. The key to longstanding fitness, experts say, is envisioning the kind of athlete you want to be 20, 30, even 40 years from now, and training smartly in the present for that future. "If you're dreaming of retiring and hiking the mountains of Hawaii, make sure you can do that now, first and foremost," said Kate Baird, an exercise physiologist at the Hospital for Special Surgery in New York.
/jlne.ws/3KmD5fb
For Adults With No Heart Attack or Stroke History, Evidence Says Not to Start Baby Aspirin; A new analysis of older people who have never had a heart attack or stroke suggests limited protective power of daily low-dose aspirin, and worrisome side effects.
Emily Baumgaertner - The New York Times
A new analysis of data from a large clinical trial of healthy older adults found higher rates of brain bleeding among those who took daily low-dose aspirin, and no significant protection against stroke. The analysis, published Wednesday in the medical journal JAMA, is the latest evidence that low-dose aspirin, which slows the clotting action of platelets, may not be appropriate for people who do not have any history of heart conditions or warning signs of stroke. Older people prone to falls, which can cause brain bleeds, should be particularly cautious about taking aspirin, the findings suggest.
/jlne.ws/3OjLNMq
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's overseas investment in metals and mining set to hit record; Beijing intensifies efforts to lock up access to renewable energy supply chain
Edward White - Financial Times
China's metals and mining investments overseas are on track to hit a record this year, new data shows, as the country races to secure resources to defend its position as the world's biggest producer of electric vehicles, batteries, solar panels and wind turbines.
/jlne.ws/43UUd2G
Europe's Manufacturers Are Struggling to Shift Away From Gas
Priscila Azevedo Rocha - Bloomberg
In Stoke-on-Trent, three hours north of London, traditional English potteries were among the businesses hit hard by soaring energy prices last year. Scrambling to protect their key industries, Britain and other parts of Europe quickly devised plans to keep energy-intensive manufacturers afloat, and pledged to push harder to develop alternatives like hydrogen to maintain a competitive advantage.
/jlne.ws/44N9BiJ
Cash-Strapped Egypt Swelters as Power Outages Pile on the Pain; State enacts load-shedding agenda after two weeks of blackouts; Shortages are latest twist in Arab nation's economic crisis
Mirette Magdy - Bloomberg
Already mired in its worst economic plight in years, Egypt is reckoning with another challenge it hasn't seen for a decade: sporadic power cuts in the midst of a sweltering summer. With temperatures in many parts of the North African country exceeding 100F (37.8C), Egyptians are again getting used to their lights and air-conditioning flicking out. Authorities blame unprecedented pressure on the grid and unforeseen shortages of the fuel needed to generate electricity for Egypt's more than 104 million people.
/jlne.ws/3qds60U
Rich Turkish buyers help prop up gold price as bank buying slows; Demand for bars rises 7% in three months thanks to corporates and wealthy individuals
Harry Dempsey - Financial Times
Demand for gold bars by wealthy individuals and corporates kept prices elevated in the second quarter despite a slowdown in central bank buying. Gold demand rose 7 per cent to 1,255 tonnes in the three months to June on an annualised basis after a surge in bilateral over-the-counter (OTC) investment buying from individuals and companies, according to a quarterly report by the World Gold Council, a lobby group.
/jlne.ws/3OfRawf
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