| May 05, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Freedom of the press is a cornerstone of democratic societies and vital in fostering free markets. This principle is highlighted on World Press Freedom Day, which is celebrated annually on May 3rd and raises awareness about the importance of free and independent media.
Key economists such as Friedrich Hayek and Milton Friedman have emphasized that free speech is essential for the functioning of free markets. Hayek argued that the free exchange of ideas enables individuals to make informed decisions, which is critical for efficient market operations. A well-informed public can better assess products, services, and policies, ultimately driving competition and innovation.
Milton Friedman further articulated that free markets thrive in an environment where information flows freely. He believed that a vibrant press holds governments and businesses accountable, preventing abuses of power and corruption that can stifle economic growth. When journalists can investigate and report without fear of censorship, they contribute to transparency, fostering trust among consumers and investors.
World Press Freedom Day reminds us that freedom of the press is not just a fundamental human right but also a crucial element for the health of free markets. By protecting and promoting free speech, societies can ensure that economic systems operate efficiently and equitably, benefiting all citizens.
The Mission (Im)possible Kilt Challenge Supporting Futures for Kids (F4K) featuring Alicia Crighton of Goldman Sachs and Christopher Edmonds of ICE has raised 80,602 GBP on JustGiving.com to date. The latest donors include Gordon Bennett (1000 GBP), Hertshten Group (US$4,445), DRW ($5,000), Anonymous ($100.00),
Alejandro Perez ($1,000) and David E Rutter (£500).
A recent New York Times feature vividly illustrates just how reliant American households are on Chinese-made goods, using a striking graphic that maps out different rooms in a typical home and shows what percentage of standard items - like toasters (>99%), baby strollers (97%), irons (93%), microwaves (90%), and toys (76%) - are produced in China. The story explains that decades of manufacturing shifts have made China the dominant supplier for everything from kitchenware to personal care items, and new tariffs threaten to make these essentials more expensive and more complicated to replace. While some production has moved to countries like Vietnam and Mexico, the sheer volume of Chinese imports means that American consumers will likely feel any disruption, such as the latest round of tariffs, throughout their homes.
Flow Traders and Deribit have launched W3BWAVE, the Netherlands' first dedicated crypto talent pool, to equip students and recent graduates with the skills needed for careers in digital assets and trading as crypto rapidly transforms financial markets. W3BWAVE offers participants hands-on exposure to centralized and decentralized trading, DeFi, ETPs, options, quantitative research, blockchain implementation, and exchange security, while fostering networking and knowledge sharing among passionate peers. The initiative addresses a gap in Dutch education around digital assets. It aims to cultivate the next generation of crypto traders and developers through continuous learning, industry events, and mentorship from leading firms.
You are invited to the WFE Webinar: Part 2 - "Understanding Climate-Related Litigation Risks and Equipping FMIs for Effective Mitigation," taking place on May 7, 2025, from 13:00 to 14:00 UTC. Hosted by The World Federation of Exchanges (WFE), this session is part of a series addressing recent trends in climate litigation and the evolving landscape of climate risk. The webinar will explore the increasing threat of climate-related litigation and its implications for companies and financial market infrastructures (FMIs). It will offer supervisory strategies and insights from the NGFS Report on micro-prudential supervision. Key speakers include Chhavi Sinha, manager of regulatory affairs at WFE, serving as moderator; Victoria Powell, senior manager of ESG regulatory affairs at WFE, as the discussant; and featured experts Martina Menegat, legal analyst at the European Central Bank, and Katharina Plavec, supervisor at the European Central Bank. The session will include a presentation, a discussion, and a Q&A segment. This open event is designed for directors, decision-makers, and anyone interested in ESG and climate-related risk. Registration is required, and all are welcome to attend.
Symphony Innovate London 2025, taking place on 21 May from 13:00 to 17:00 GMT, is a hybrid event bringing together industry leaders to discuss the future of financial technology and showcase live demos of Symphony's products and integrations. The event will feature interactive conversations and case studies highlighting how technological advancements are transforming the financial community, with participation from experts at firms such as Bank of America, Broadridge, Genesis Global, HSBC, KAMBA, NatWest Markets, Sphere, TradingView, and Wells Fargo. The conference is accessible to all via a live Zoom stream, while an in-person, invite-only gathering will also be held in London for select attendees. For more details or to request an invitation, participants are directed to innovate.symphony.com
FIA is hosting a webinar on May 8 to discuss the exceptional volatility and record trading volumes seen in global futures and options markets during the first quarter of 2025. The session will provide an overview of global trends in exchange-traded derivatives (ETD) volume and open interest, followed by a deep dive into commodity futures led by guest speaker Guy Wolf, global head of market analytics at Marex. Wolf will explore how tariff-related announcements and long-term supply and demand trends are impacting commodity markets. This event is open to all and moderated by FIA's Will Acworth
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: Cboe points to retail flow as zero-day options grow, OCC appoints chair to replace departing Donohue, CME hits monthly record after 36% boost in April trading, Cboe's Tomczyk backs new CEO amid record results, ANALYSIS: ICE hits April trading high, as energy trading shines and Volatility demands 'capacity, capacity, capacity' from exchanges - Nasdaq.
Amanda Olear, deputy director, Market Participants Division at the U.S. Commodity Futures Trading Commission and former acting director of the division from January until March, has left the commission after more than 17 years.
In a press release Friday, Acting CFTC Chairman Caroline D. Pham said, "Throughout her distinguished tenure, Amanda has exemplified leadership, expertise, and pragmatism in every role she's held. I would especially like to personally thank Amanda for serving on my executive management team. I'm grateful for her over 17 years of dedicated service to the CFTC and wish her the very best in her future endeavors."
Olear comes from "a long line of family farmers, she holds a JD, with honors, from the University of Maryland Francis King Carey School of Law and a BA, summa cum laude, from McDaniel College," the CFTC 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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Our most read stories from our previous edition of JLN Options were:
- Bear Market Is Coming With S&P 500 Rally Stalling Soon, DeMark Says from Bloomberg.
- 0DTEs Decoded: Positioning, Trends, and Market Impact from Cboe.
- Charles Schwab CEO says investors are cutting risk after April turmoil from Reuters ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 In the Pits: Policing, Camaraderie, and Redemption on the NYBOT Floor JohnLothianNews.com Fred Schoenhut, former chairman of the New York Board of Trade (NYBOT), likened his role on the floor committee to being part of the trading floor's police force. "I would get into a lot of heated arguments with people when I would see something unethical or illegal ... But often, apart from the fines, not much would happen to those brokers," he recalled in a candid interview. Violations, he lamented, seemed almost "part of the game," and true consequences were rare. "There was just too much that wasn't punished ... it enabled people to continue to trade unethically." Watch the Fred Schoenhut Video »
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Does a president need to uphold the Constitution? Trump says 'I don't know'
Luke Garrett - NPR
President Trump - when asked if he thinks he needs to uphold the Constitution on "Meet the Press with Kristen Welker" - said, "I don't know," but added that his lawyers "are obviously going to follow what the Supreme Court said." The response came after a series of questions regarding the right to due process for people living in the United States and the Fifth Amendment. During this exchange, Trump said he wants to deport millions of undocumented immigrants - who he called "some of the worst people on Earth." "I was elected to get them the hell out of here and the courts are holding me from doing it," Trump said.
/jlne.ws/4iXyT4k
***** This is a very strange thing for a president to say, given that he has twice placed his hand on the Bible and sworn that he will uphold the Constitution. Specified in Article II, Section 1, Clause 8 of the U.S. Constitution, the Presidential Oath of Office reads: "I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States."
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Citadel founder Ken Griffin says AI isn't going to be a game changer for the investment business
Kwan Wei Kevin Tan - Business Insider
Ken Griffin, the founder and CEO of Citadel, said he doesn't think AI will revolutionize the investment business. "Do we use it in our investment business? A little bit, a little bit. I can't say it's been game-changing," Griffin said in an interview that was published on the Stanford Graduate School of Business' YouTube channel on Thursday. Griffin was speaking to students as part of Stanford's "View From The Top" interview series when he was asked how AI will affect Citadel. "It saves some time. It's a productivity enhancement tool. It's nice, I don't think it's going to revolutionize most of what we do in finance," Griffin added. Griffin said generative AI models do not lend themselves well to investment analysis because they cannot make long-term forecasts.
/jlne.ws/4lZrYtW
***** Griffin's comments mirror some of the comments we have received in our JLN Industry Leader video series about AI and investing. ~JJL
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In DC Speech, Charles Koch Speaks of 'the Mess' He Sees the Country In
Politics
Philip Elliott - Time
Charles Koch never uttered his name, but it was mighty clear that President Donald Trump was on his, and everyone else's, mind Thursday night at a glitzy gala that might have as well have been Koch Con. "With so much change, and chaos, and conflict, too many people and organizations are abandoning these principles and turning to power to solve problems," said the 89-year-old billionaire industrialist behind some of the most formidable organizations on the political Right. "But we know from history, this just makes them worse.
/jlne.ws/3GH9VJ2
****** When a Libertarian like Charles Koch is calling for order, you know that things are getting out of hand.~JJL
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Historians alarmed as Trump seeks to rewrite US story for 250th anniversary; Ignorance no barrier as president begins to put out approved version of history that ignores American failures
Robert Tait - The Guardian
Donald Trump, it could be said, takes a breezy, Sam Cooke style approach to history. Like the legendary "king of soul" in his 1960 hit Wonderful World, the US president has admitted to not knowing much about historical events or figures of the past - even when faced with authorities on the subject. Recalling a conversation at Mar-a-Lago shortly after Trump's 2016 election victory, the American historian Douglas Brinkley recently recounted his shock when Trump - who has mused about having his name carved on Mount Rushmore alongside the nation's most celebrated presidents - told him he had never read a book about Abraham Lincoln.
/jlne.ws/4m27pwO
****** For some reason, when this history gets rewritten, I imagine it will be a picture book.~JJL
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Friday's Top Three
Our top story Friday was Special Report, Risk Management: Financial Institutions, from the Financial Times. Second was ANALYSIS: ICE hits April trading high, as energy trading shines, from FOW. And third was FOW's Volatility demands 'capacity, capacity, capacity' from exchanges - Nasdaq.
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| Lead Stories | Warren Buffett Says He Plans to Step Down as Head of Berkshire; Mr. Buffett said at the annual shareholders' meeting that he wanted to turn over the reins to Greg Abel at the end of the year. Earlier, he criticized Trump's trade policies.
Michael J. de la Merced - The New York Times
Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus. By the end of the year, he is preparing to give up that role. Mr. Buffett said at Berkshire's annual shareholder meeting on Saturday that he plans to ask the company's board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.
/jlne.ws/3Z3vREd
Trump Team Set to Dissolve Reagan-Era Transnational Crime Unit; Task forces that specialize in fighting organized crime, drug cartels and human traffickers were told to shut down by Sept. 30, according to documents and people familiar with the matter
Jason Leopold - Bloomberg
The Trump administration is "decommissioning" a Department of Justice unit that has long been at the center of dismantling transnational organized crime networks, drug cartels and human trafficking rings. Leaders of the unit, called the Organized Crime Drug Enforcement Task Forces, or OCDETF, were told they had until Sept. 30 to shut down operations, people familiar with the matter said. The people asked not to be identified, citing concerns over potential retribution.
/jlne.ws/4d0GKMS
European bank traders deliver best results in more than a decade; UBS, BNP Paribas, SocGen, Barclays and Deutsche Bank reported EUR13bn in combined first-quarter trading revenues
Simon Foy and Joshua Franklin - Financial Times
Traders at Europe's largest investment banks delivered their highest quarterly revenues in at least a decade, after the Trump-induced volatility in financial markets sparked a frenzy of activity on both sides of the Atlantic. UBS, BNP Paribas, Société Générale, Barclays and Deutsche Bank in recent weeks reported a combined EUR13bn in revenues from equities and fixed income trading between January and March, the highest combined quarterly total for the five lenders since at least 2015.
/jlne.ws/3ESJ2B8
The pitfalls of overhasty business deregulation; Republicans should think twice before rushing to scrap the US audit watchdog
The editorial board - Financial Times
John F Kennedy was fond of the expression "don't ever take a fence down until you know the reason why it was put up". First laid out by English writer GK Chesterton, it is a reminder not to rush reforms through without considering the consequences. There are few better examples of how Donald Trump and his supporters are ignoring this principle than Republicans' plan to scrap the US audit regulator, the Public Company Accounting Oversight Board.
/jlne.ws/4iPjjYa
City rift opens up over the ringfencing of UK banks; Barclays CEO's defence of regulation contrasts with calls for reform by other senior bankers
Patrick Jenkins - Financial Times
It is fair to assume that, had any of the last few chief executives of Barclays bank been asked to sign a letter urging the government to rescind punitive regulations, they'd have jumped at the chance. From John Varley, who ran Barclays during the 2008 financial crisis, to Jes Staley, CEO up to three-and-a-bit years ago, the bank's bosses have consistently campaigned to resist government bailouts and fend off onerous regulations.
/jlne.ws/4d92lmE
Donald Trump's 'Marie Antoinette moment': call for national sacrifice falls flat; President faces backlash after warning Americans they will have to make do with fewer toys at Christmas
Guy Chazan - Financial Times
When Donald Trump announced this week that American children would have to make do with fewer toys at Christmas, unflattering comparisons were drawn to noted figures from history. "It sounded like Marie Antoinette saying 'let them eat cake'," said Whit Ayres, a Republican pollster. Economists and businesspeople have been warning for weeks that the president's 145 per cent tariff on China will raise prices for ordinary Americans. The White House has consistently pushed back on that narrative.
/jlne.ws/4iOWsvZ
Cboe May Return to M&A Under New CEO
Shanny Basar - MarketsMedia
Craig Donohue, who will take over as chief executive of Cboe Global Markets, successfully completed more than $20bn in mergers and acquisitions when he led CME Group, and will consider both organic and inorganic growth strategies. Fredric Tomczyk, chief executive of Cboe Global Markets, began the first quarter results call on 2 May 2025 by expressing support for the announced appointment of Craig Donohue as Cboe's new chief executive. He said: "Donohue is a seasoned, visionary leader who brings a wealth of experience to the role and is deeply respected across the industry."
/jlne.ws/3SlfQ8Z
What Happened in Two Days at a Very Wild Crypto Party; Arrests a year ago are forgotten. Executives ride zip lines, champagne flows and deals are struck in Dubai.
Angus Berwick - The Wall Street Journal
Giant whale mascots dressed in astronaut costumes created a bottleneck by the buffet lunch line. At the "Money Rain" event, promoters launched confetti of crypto-printed banknotes into the air. At a late-night rave in the desert, VIPs danced with $500 bottles of Armand de Brignac champagne held aloft, lit up with sparklers. The biggest names in crypto and 15,000 of their biggest fans marked a new era of freedom at a madhouse of a conference this past week in Dubai called Token2049. Eric Trump showed up and promised to take down his family's banking foes. Not even a year ago, many of the event's marquee guests were deemed public enemies by the U.S. government and financial regulators. They were scorned by Wall Street. One was in jail. Another had been under house arrest. Several were the focus of criminal investigations.
/jlne.ws/4d8y5IA
Warren Buffett, on Stage at Berkshire Meeting, Defends Global Trade; 'Trade should not be a weapon,' investor says as he decries policies that create a few winners and widespread resentment elsewhere
Karen Langley - The Wall Street Journal
OMAHA, Neb.-Warren Buffett delivered a staunch defense of global trade, arguing that the U.S. benefits when the world prospers. "We should be looking to trade with the rest of the world, and we should do what we do best and they should do what they do best," Buffett said Saturday during Berkshire Hathaway's annual meeting in Omaha. Buffett reiterated that he has concerns about running large trade deficits with other countries, while offering a nuanced critique of the antagonistic U.S. approach to balancing them.
/jlne.ws/4k4Trsy
Elon Musk finally meets the press and compares himself to Buddha
Hadas Gold - CNN
Elon Musk has told his followers on X, "You are the media now." Since joining the Trump administration, he has eschewed interviews with outlets he perceived as unfriendly, preferring to stay within the safe spaces of Fox News, conservative podcasts and his own social-media conversations. But as the Wall Street Journal prepared to publish a piece Wednesday evening about Tesla's board allegedly seeking to replace Musk as CEO (a claim Musk and Tesla strenuously denied), the world's richest man and top Trump adviser stepped out of the proverbial bubble. Musk, along with three top Department of Government Efficiency (DOGE) team members, sat down with about a dozen mainstream news reporters in the West Wing's Roosevelt Room to reflect on his time in the Trump administration - at one point comparing himself to an iconic religious figure.
/jlne.ws/42QZMCd
Japan says no plan to threaten Treasuries sale in US trade talks
Makiko Yamazaki - Reuters
Japan has no plans to threaten to sell its $1 trillion-plus holdings of U.S. Treasuries in trade talks with Washington, its finance minister said on Sunday, clarifying earlier remarks that the bond holdings could be used as a bargaining chip. "My comments were made in response to a question whether Japan could, as a bargaining tool in trade negotiations, explicitly reassure Washington it wouldn't sell its Treasury holdings easily," Japanese Finance Minister Katsunobu Kato said. "The comments weren't meant to suggest selling Treasury holdings," Kato told a press conference in Milan. In a television interview on Friday, Kato said Japan's U.S. Treasury holdings could be used as a card in trade negotiations, raising explicitly for the first time its leverage as a massive creditor to the United States.
/jlne.ws/4d1AVyZ
The CEO Who Says an Asteroid Is Coming to Destroy America's Businesses; He's a supply-chain logistics geek with a huge following-and a dire warning about tariffs
Ben Cohen - The Wall Street Journal
Most people have no clue how their stuff moves around the world. But a few years ago, when a gigantic containership got stuck in the Suez Canal, lots of people suddenly found themselves captivated by supply-chain logistics. This was Ryan Petersen's chance to geek out. As the founder and chief executive of Flexport, which helps companies move all kinds of stuff from wherever it's made to wherever it's sold, Petersen was perfectly situated to explain the traffic jam in a clear way. Once the boat was unstuck, he even published a children's picture book called "The Big Ship and the Little Digger," turning the complexities of ocean freight and global trade into simple language that anyone could understand.
/jlne.ws/3Z5O9Vp
DOGE Isn't Saving Money, So What's It Really Doing? Six theories (maybe seven) try to get at the root of Elon Musk's pet project.
Justin Fox - Bloomberg
Just before the election last fall, Elon Musk predicted that he could cut $2 trillion from the federal budget. By early January, a couple of weeks before President Donald Trump returned to the White House and appointed Musk head of the newly created not-quite-department dubbed the Department of Government Efficiency, he was calling $2 trillion "the best-case outcome" and saying "we've got a good shot" at getting $1 trillion in cuts. In late March, he said DOGE would deliver $1 trillion in deficit reduction by the end of May. By April 10, that was down to savings of $150 billion. Draw a trendline through Musk's pronouncements so far, and it shows the DOGE savings number going negative on May 21 and becoming a deficit increase of more than $2 trillion on Dec. 1.
/jlne.ws/3GEE9fC
Warren Buffett, Investing's Philosopher King; The Oracle of Omaha plans to step down at Berkshire Hathaway. But his legacy will echo across markets for generations.
Nir Kaissar - Bloomberg
Now that Warren Buffett, the philosopher king of modern investing, has announced that he will step down as Berkshire Hathaway Inc.'s chief executive officer at the end of the year, it's a good time to marvel again at his career. Any discussion of Buffett must start with his astonishing track record. He is the greatest investor of all time. No one has even com
/jlne.ws/4d2ohQ5
Buffett Hands Successor a Giant Cash Pile and Many Questions
Alexandre Rajbhandari - Bloomberg
Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor. Buffett, the 94-year-old architect and face of Berkshire Hathaway Inc., announced that the gathering would be his last as head of the company he built from humble beginnings into one of the world's most valuable enterprises. A few feet away, Greg Abel, the energy executive long seen as Omaha's crown prince, wasn't even aware his time had come.
/jlne.ws/3YurMJd
Read the WSJ's Early Coverage of Warren Buffett; The legendary investor first appeared in a 1965 item on the ouster of the president of a textile company called Berkshire Hathaway
Erik Holm - The Wall Street Journal
It was 60 years ago this month that Warren Buffett first appeared in The Wall Street Journal. On May 11, 1965, the Journal published a short "Whos News" article about a gentleman by the name of Seabury Stanton, who had just resigned from a New England textile company called Berkshire Hathaway. The reason? A policy disagreement with "certain outside interests" who had just bought a controlling slice of the shares. That outside interest was-you guessed it-a 34-year-old Warren Buffett.
/jlne.ws/3ETH7fC
CEOs Celebrate Buffett as He Calls a Close on 5,500,000% Run
Amanda Cantrell - Bloomberg
Apple's Tim Cook called him inspiring. Bank of America's Brian Moynihan praised his lessons on life and business. JPMorgan's Jamie Dimon said he's "everything that is good about American capitalism." nAs Warren Buffett called an end to his historic run atop Berkshire Hathaway Inc., luminaries from the technology and banking worlds rushed to praise the man whose lessons they partially credit for their success.
/jlne.ws/44Sd02H
Who Is Gregory Abel, Warren Buffett's Successor?; Mr. Buffett won renown and made billions as one of the most successful stock pickers of all time. Mr. Abel's strengths lie more in running businesses.
Michael J. de la Merced - The New York Times
Investors had speculated in recent years that Warren E. Buffett might eventually retire. But the 94-year-old billionaire still surprised many on Saturday, when he announced that he planned to step down as chief executive of Berkshire Hathaway after nearly six decades. Less surprising is who he said he intended to succeed him as the leader of the $1.1 trillion conglomerate he built: Gregory E. Abel, his yearslong heir apparent.
/jlne.ws/4jWANCQ
As Warren Buffett exits, he leaves door open to more Japan investment; Billionaire says Berkshire has no plans to sell shares of trading houses
Hirofumi Takeuchi - Nikkei Asia
OMAHA, Nebraska -- In the 60 years that Warren Buffett has led Berkshire Hathaway, the U.S. investment company's share price has soared on the strength of a portfolio that has grown to include Japan's biggest trading houses. The 94-year-old billionaire, who told shareholders Saturday that he plans to step down this year, received a standing ovation at the company's annual general meeting after he said he had no intention of selling even one Berkshire share.
/jlne.ws/3EMwGdT
Greg Abel's Challenge: Lead Berkshire Into a New Era Without the Buffett Touch; For the first time in decades, Berkshire Hathaway is getting a new CEO
Karen Langley, Nicole Friedman and Gregory Zuckerman - The Wall Street Journal
Warren Buffett has done what he can to prepare his successor at Berkshire Hathaway. He has tasked CEO-in-waiting Greg Abel with running most of the companies the sprawling conglomerate owns. He named Abel a vice chairman, worked with him on recent investments in Japan and shared the stage with him at Berkshire's famous annual meetings.
/jlne.ws/4koXXlV
How Warren Buffett Changed the Way Investors Think of Investing; The idea of "value investing" had long existed. But no one did it as successfully or for as long as he did.
Michael J. de la Merced, Maureen Farrell and Lauren Hirsch - The New York Times
Warren E. Buffett's approach to investing is deceptively simple. "Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices," he once wrote to shareholders of Berkshire Hathaway, his business conglomerate.
/jlne.ws/4ka3IDT
Trump's crypto-friendly stance lures firms to US market; Options exchange Deribit is latest company to look at building presence after president's pledge to make US world's 'crypto capital'
Philip Stafford - Financial Times
Deribit, the world's largest cryptocurrency options exchange, is looking to enter the US market, joining a host of European and Asian cryptocurrency companies that are trying to exploit President Donald Trump's pledge to make the country the global centre for digital assets. The Dubai-based group, which handled a notional $1.3tn of deals last year, is "actively reassessing potential opportunities" in the US, chief executive Luuk Strijers told the Financial Times, after "the recent shift towards a more favourable regulatory stance on crypto in the US".
/jlne.ws/3GFU8tW
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | What the World's Biggest Investor Is Doing About Trump's Tariffs; Nicolai Tangen is willing to wait out a trade war, even if it means possibly losing $600 billion
James Mackintosh - The Wall Street Journal
For a man contemplating the possible loss of $600 billion, Nicolai Tangen is remarkably laid-back. Tangen runs the world's largest pool of money, Norway's $1.8 trillion sovereign-wealth fund, of which about half is in U.S. stocks and bonds-mainly stocks. If the global trading system fragments into separate blocs divided by tariff barriers, he thinks the fund could lose more than a third of its value as the economy suffers and inflation picks up. It looks grim, even if the fund's performance so far this year is about flat thanks to its offsetting exposure to Europe.
/jlne.ws/42ZFcxZ
Bank of England poised to cut rates as fears grow over impact of Trump tariffs; Markets suggest quarter-point reduction to 4.25% is almost certain but some economists say Bank must go further
Richard Partington - The Guardian
The Bank of England is poised to cut interest rates on Thursday amid growing concerns over the hit to UK jobs and growth from Donald Trump's increasingly erratic global trade war. In the Bank's first intervention since the US president's "liberation day" tariff policy announcement sent shock waves through the world economy, Threadneedle Street is expected to reduce its key base rate from the current level of 4.5%.
/jlne.ws/44pR7aS
Trump Calls for 100% Tariff on Movies Made Overseas; The president called the use of incentives by foreign countries to draw filmmakers and studios away from the U.S. a national security threat
Ben Fritz - The Wall Street Journal
President Trump has found the next industry he wants to bring back to the U.S. with tariffs: Hollywood. Trump authorized a 100% tariff on films produced overseas, he said in a Truth Social post Sunday. He called it a response to tax incentives that have lured a substantial number of Hollywood productions outside the U.S. Films made by American studios are often shot in the United Kingdom and Canada, including this year's highest-grossing film, "A Minecraft Movie."
/jlne.ws/3EUvFjQ
Trump's Tariff on Cheap Chinese Imports Will Cost Big Tech Billions; For Meta, Alphabet and other platforms, the elimination of the tariff exemption for inexpensive goods is already cutting into advertising revenue.
Daisuke Wakabayashi and Mike Isaac - The New York Times
The expansion of the loophole for tariff-free shipments of goods nearly a decade ago gave rise to Temu, Shein and other low-cost online retailers offering items straight from Chinese factories at unfathomable discounts.
/jlne.ws/4d2n23n
Trump Has "No Authority" To Impose 100% Movie Tariffs, Gavin Newsom Says; Studios Scrambling To Find Out What POTUS Wants
Dominic Patten - Deadline
Typical of Donald Trump, the details of POTUS' just announced bombshell 100% tariffs on movies made outside America are vague. Yet, what is already very clear, as studios and streamers try to figure out next steps, is that the Governor of California won't be playing a supporting role. In fact, as Gavin Newsom pushes for his plan to more than doubling of the state's film and TV tax incentives to $750 million annually, Trump's newest tariff missive sets up a showdown between the Governor and the President over who truly wants to save the home of Hollywood.
/jlne.ws/3GRyQt8
Malaysia Seeks to Bring US-Imposed Tariffs Down to Zero in Talks
Kok Leong Chan and Anisah Shukry - Bloomberg
Malaysia is negotiating with the US to bring its tariffs on the Southeast Asian nation down to zero, from the 24% that President Donald Trump pledged to impose, according to Investment, Trade and Industry Minister Zafrul Aziz. In return, Washington wants Malaysia to address trade imbalances, non-tariff barriers, and safeguard US technology from being channeled to other parties and investment, Zafrul said at a press briefing in Kuala Lumpur on Monday. The nation's state-linked investment companies hold about $45 billion in US bonds, he added.
/jlne.ws/44WYSFs
The Trade War Is Coming for Your Plumbing; Sweeping tariffs will harm makers of plumbing products - just like other manufacturers.
The Editorial Board - Bloomberg
/jlne.ws/3Z3gMT4
'Feed the gorilla': How corporate America fought Trump's tariffs threat; Threat of a damaging trade war sparked a lobbying campaign by the world's most powerful business leaders
Alex Rogers, James Fontanella-Khan, Kana Inagaki, Jamie Smyth - Financial Times
/jlne.ws/4iR5t7z
Chinese exporters 'wash' products in third countries to avoid Donald Trump's tariffs; Asian neighbours wary of becoming staging posts for trade actually destined for US
William Langley, Rafe Uddin and Song Jung-a - Financial Times
/jlne.ws/44X08IG
Howard Lutnick says Trump's tariffs will create 'great jobs of the future'-fixing factory robots. Labor experts disagree
Sasha Rogelberg - Fortune
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Ukrainian soldiers who film their kills of Russian soldiers or tanks can earn points to purchase weapons from a military tech 'Amazon'
Jake Epstein - Business Insider
Ukraine has launched a program that awards points to soldiers who verifiably kill Russian troops or destroy their equipment. They can then use these rewards to purchase drones and other weapons from an online "Amazon"-style marketplace. Mykhailo Fedorov, who serves as Ukraine's minister of digital transformation, said this week that his government has launched the Brave1 Market, a website that showcases military technology from the defense industry, including drones, robots, and electronic warfare devices, that are available for purchase.
/jlne.ws/4iVi224
US to send more weapons to Ukraine
Niamh Robinson - The Telegraph
The US is planning to send advanced air defence systems to Ukraine after Donald Trump signed a minerals deal with Kyiv and threatened to walk away from peace talks. One Patriot system will be moved from Israel after undergoing refurbishments, while a second system could be sent by Germany or Greece, according to four officials. Mr Trump paused all military deliveries to Ukraine after a row with Volodymyr Zelensky in the Oval Office. But he has since grown frustrated with Vladimir Putin's refusal to commit to a ceasefire and has withdrawn from formal peace negotiations.
/jlne.ws/4iOFaza
Ukraine war briefing: Three million shells coming from our allies, says Zelenskyy
Warren Murray - The Guardian
Ukraine hopes to receive 3m artillery shells from allies and partners in 2025 including 1.8m under a Czech-led programme, Volodymyr Zelenskyy said in Prague on Sunday. "The Czech artillery initiative is working brilliantly," the Ukrainian president said. Prague steers a European drive to supply artillery ammunition to Ukraine, financed largely by Nato allies. "Not only North Korea is capable of helping [Russia] in the war - we have allies who are helping Ukraine,"
/jlne.ws/3Yum3mK
Ukrainian Naval Drones Shoot Down Russian Jets in Military First, Kyiv Says; U.S.-made missiles destroyed the two planes over the Black Sea, according to Ukraine
Matthew Luxmoore - The Wall Street Journal
Ukraine said it downed two Russian jet fighters using sea drones equipped with modified U.S.-made missiles, in what military officials in Kyiv said is the first such attack in the history of warfare. Magura-7 sea drones deployed by Ukraine's military-intelligence agency, known as HUR, fired the missiles at two Su-30 jets that were flying near the Russian Black Sea port of Novorossiysk, HUR said.
/jlne.ws/3GHgMly
Middle East Conflict
Israel to call up thousands of reservists, considers expanding Gaza war; Also Sunday, Yemen's Houthi rebels attacked Israel with a missile that disrupted air traffic at Ben Gurion Airport.
The Washington Post
Israel will call up tens of thousands of reservists, military officials said Sunday, as the country's political leadership considers expanding the Israel Defense Forces' area of operations and overhauling the distribution of food within the Gaza Strip. Israel's security cabinet was expected to approve the new Gaza war plans at a meeting Sunday evening, according to an Israeli official who spoke on the condition of anonymity to describe sensitive discussions. There was no immediate announcement after the meeting, but Israeli media said the plan had been accepted.
/jlne.ws/4k18uDp
Israel plans to capture all of Gaza under new plan, officials say
Tia Goldenberg and Sam Mednick - Associated Press
Israel approved plans Monday to capture the entire Gaza Strip and remain in the Palestinian territory for an unspecified amount of time, two Israeli officials said, a move that, if implemented, would vastly expand Israel's operations in Gaza and likely bring fierce international opposition.
/jlne.ws/42Htyco
Other Conflicts
A Timeline of Tensions Between India and Pakistan Over Kashmir; The April 22 terrorist attack in Kashmir inflamed a long-simmering conflict that could boil over into military confrontation.
Lars Dolder - The New York Times
India and Pakistan are on the precipice of a possible military confrontation, nearly two weeks after a deadly terrorist attack on the Indian-controlled side of the troubled Kashmir region set off aggressive statements between the archrival nations. India has suggested that Pakistan was connected to the April 22 attack that killed 26 people, a claim that Pakistan has repeatedly denied. Kashmir, a scenic valley in the Himalayas, is wedged between India and Pakistan, nuclear-armed countries that have struggled for control over the region for almost 80 years. Kashmiris have rarely had a say in their own fate.
/jlne.ws/4iLXatG
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Options Industry Convenes in Palm Beach Gardens for Annual Conference
Anna Lyudvig - Traders Magazine
The options trading world turns its focus to the PGA National Resort this May as the 43rd Annual Options Industry Conference (OIC) convenes from May 6-8, 2025. Drawing a wide array of participants-from exchanges and brokerages to regulatory experts and fintech innovators-the event is poised to tackle some of the most pivotal topics shaping the future of derivatives markets. Traders Magazine caught up with Ed Modla, Executive Director, Investor Education, and Mat Cashman, Principal, Investor Education at OCC, to learn more.
/jlne.ws/44HxIT9
ON THE MOVE: OCC Names Stephen Luparello; Wilshire Adds Jason Schwarz
Anna Lyudvig - Traders Magazine
OCC, the world's largest equity derivatives clearing organization, has appointed Stephen Luparello as Chairman, succeeding Craig Donohue, who resigned to pursue another career opportunity. Luparello is a Public Director on OCC's Board of Directors, most recently serving on the Compensation and Performance Committee (Chair) and the Regulatory Committee (Chair). He will serve as Chair for the remainder of Donohue's term, which runs through April 2026. Luparello's career in financial markets includes stints as Managing Director and General Counsel for Citadel Securities, and Director of the U.S. Securities and Exchange Commission's Division of Trading & Markets.
/jlne.ws/431Pb5Y
ICE Mortgage Monitor: First-Time Homebuyers Comprise Record Share of Agency Purchase Lending in Q1 2025; Gen Z homebuyers accounted for one in four FTHB loans as FHA lending drives purchase mortgage growth
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today released its May 2025 Mortgage Monitor Report, which delves into the rising share of first-time and Gen Z homebuyer participation in the mortgage market. Notably, first-time homebuyers (FTHBs) accounted for a record share of agency purchase lending in Q1 2025 as higher interest rates continued to dampen repeat buyer participation in the market. At the same time, Gen Z buyers made substantial gains in more affordable states, while FHA loans regained popularity as a critical tool for affordability-minded homebuyers.
/jlne.ws/3EUaDSw
Intercontinental Exchange Reports April Statistics; Record total Futures & Options ADV, including records across Energy and Financials
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported April 2025 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. April highlights include:
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SIX Exchanges Figures: April 2025
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/jlne.ws/43c7OFH
Cash market trading volumes in April 2025
Deutsche Borse
Deutsche Borse's cash markets generated a turnover of EUR188.49 billion in April (previous year: 119.45 billion / previous month: EUR206.03 billion).
EUR183.83 billion were attributable to Xetra (previous year: EUR115.82 billion / previous month: EUR201.09 billion), bringing the average daily Xetra trading volume to EUR9.19 billion (previous year: EUR5.52 billion / previous month: EUR9.58 billion). Trading volumes on Börse Frankfurt were EUR4.57 billion (previous year: EUR3.63 billion / previous month: EUR4.94 billion).
/jlne.ws/4iNpn3k
NZX Shareholder Metrics - April 2025
Mondovisione
Please see attached NZX Limited shareholder metrics for April 2025.
/jlne.ws/44UVRp7
OCC April 2025 Monthly Volume Data
OCC
/jlne.ws/3YxJz29
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | EU to Propose EUR500 Million Package to Attract Researchers
Michal Kubala - Bloomberg
The European Union will propose a EUR500 million ($566.9 million) package to attract scientists to Europe, Commission President Ursula von der Leyen said on Monday in Paris. "Science is an investment - and we need to offer the right incentives," the president of the bloc's executive said during a speech at the "Choose Europe for Science" event at the Sorbonne university attended by French President Emmanuel Macron. The package, she added, is meant to "make Europe a magnet for researchers."
/jlne.ws/4iPo1W6
US to demand Google break up its online advertising business; Justice department asks judge to force Alphabet to sell its ad exchange and publisher server tech after trial victory
Stephen Morris and Stefania Palma - Financial Times
The US Department of Justice said it will seek to force Google parent Alphabet to sell key parts of its digital advertising business, which was found to constitute an illegal monopoly. The DoJ on Friday told a federal judge that divestments of Google's ad exchange and publisher ad server businesses are the only way to break its dominance. The former is the largest marketplace for bidding for online ad space and the latter is the technology online publishers use to list and sell ads on their websites.
/jlne.ws/4k9pLul
Intimidated by AI? Here's How to Get Started; It's 2025, and generative AI is only getting bigger. If you've been too intimidated to get into the chatbot game, now's your chance.
Nicole Nguyen - The Wall Street Journal
If you have a friend, child or co-worker who won't shut up about ChatGPT or some other generative-AI chatbot, but you've been too embarrassed to ask where to start, this is for you. The buzzy, mysterious tech is transforming every aspect of our lives, from high-school English to pharmaceutical discovery. At the very least, by using these tools, you'll understand how generative AI is changing our world. And you might discover some productivity hacks for your own life in the process. Recent breakthroughs in image generation create impressive pictures within minutes. And voice chats and other advanced tools are now available in free accounts.
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I scammed my bank; All it took was an AI voice generator and a phone call
Amanda Hoover - Business Insider
Generative AI has made it way easier to impersonate people's voices. For years, there have been deepfakes of politicians, celebrities, and the late pope made to sow disinformation on social media. Lately, hackers have been able to deepfake people like you and me. All they need is a few seconds of your voice, which they might find in video posts on Instagram or TikTok, and maybe some information like your phone or debit card number, which they might be able to find in data leaks on the dark web. In my case - for the purposes of this story - I downloaded the audio of a radio interview I sat for a few weeks ago, trained a voice generator on it after subscribing to a service for a few dollars, and then used a text-to-voice function to chat with my bank in a voice that sounded a bit robotic but eerily similar to my own. Over the course of a five-minute call, first with the automated system and then a human representative, my deepfake seemingly triggered little to no suspicion.
/jlne.ws/43bAizg
Microsoft introduces terrifying new AI tool, angers users
Samuel O'Brient - The Street
The world of artificial intelligence (AI) just took a shocking turn, one that seems to be terrifying consumers. For many people, the AI revolution is reshaping entire industries and markets in a frightening way. Companies are creating the type of technology that science fiction writers have long predicted could overpower humanity.
/jlne.ws/3ROxHVK
AI Spending Is the Only Certainty in Silicon Valley Right Now; Tariffs loomed over quarterly technology earnings but didn't derail the artificial-intelligence express.
Dave Lee - Bloomberg
Ahead of this quarter's crop of tech earnings, I predicted companies would be reluctant to offer much in the way of forward guidance given the almost Covid-like upheaval of the global economy thanks to President Donald Trump's tariffs. I was half right: There was some guidance - though it arrived with a large asterisk. "It's hard to tell what's going to happen with tariffs right now," Amazon.com Inc. Chief Executive Officer Andy Jassy said on Thursday. "It's hard to tell where they're going to settle and when they're going to settle." His company gave itself characteristically large wiggle room with its operating income projection of $13 billion to $17.5 billion.
/jlne.ws/4k3Fnzo
Maker of AI 'vibe coding' app Cursor hits $9bn valuation; Anysphere closes $900mn funding round from investors including Thrive Capital and Andreessen Horowitz
Tim Bradshaw and George Hammond - Financial Times
Anysphere, creator of the fast-growing programming tool Cursor, has closed a new round of funding that more than triples its valuation to about $9bn, as money continues to pour into Silicon Valley's hottest artificial intelligence start-ups. OpenAI backer Thrive Capital led a $900mn round for San Francisco-based Anysphere, according to people familiar with the deal. Andreessen Horowitz and Accel are among the other investors who participated.
/jlne.ws/4jGHh9e
Google Unit Awards Data-Center Contract to Malaysia's Gamuda
Ram Anand and Anders Melin - Bloomberg
Malaysian infrastructure firm Gamuda Bhd. won a data-center contract worth over 1 billion ringgit ($237 million) from Google's Malaysian affiliate, according to company filings. Gamuda said it will also sell 389 acres of land in Malaysia's Negeri Sembilan state to Pearl Computing Malaysia Sdn for about 455 million ringgit on which the latter will build data centers. Pearl Computing is wholly owned by Raiden APAC Pte, which is in turn owned by Google, according to company filings.
/jlne.ws/4k5tEjT
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| Cybersecurity | | Top stories for cybersecurity | Hackers boast they took Co-op customers' details in cyberattack; The group, calling itself DragonForce, said it had infiltrated the retail chain's IT network and stolen customer and employee data
Lara Wildenberg, Charlie Parker, Mark Sellman, Oliver Wright - The Times
Cybercriminals claim to have the Âprivate information of 20 million Co-op customers who signed up to the supermarket's membership scheme. The group, calling itself DragonForce, said it had infiltrated the retail chain's IT network and stolen both Âcustomer and employee data in its Âcyberattack on Wednesday. The hackers, who claimed to also be behind the ongoing attack on Marks & Spencer and an attempted hack of ÂHarrods, said their breach of the Co-op was far more serious than the company had told the public.
/jlne.ws/3YvXm9l
Russian hacker group attacks Romanian government websites on election day; The websites were restored, said the National Cybersecurity Directorate.
Carmen Paun - Politico
A Russian hacker group attacked several Romanian government and presidential candidates' websites on Sunday as the country votes for its next president, Romanian news outlet G4media reported. The attack, by the group known as DDOSIA/NoName057, hit the website of the Romanian Constitutional Court, the main government portal, the Romanian foreign ministry site and the websites of four presidential candidates.
/jlne.ws/4m0gypV
How China Is Building an Army of Hackers
Bloomberg
China and the US actively engage in cyber espionage for strategic advantage. Leaked files now suggest how rapidly Beijing is catching up in preparation for any future conflict.
/jlne.ws/3Z17FCo
A North Korean agent applied for a job at a popular crypto firm: They tripped him up with a simple question about Halloween
Catherine McGrath - Fortune
The hiring team at Kraken, a U.S-based crypto exchange, noticed immediately that something was off about "Steven Smith," a would-be IT worker who applied for a software engineering job in early October. But it wasn't until they compared Smith's email to a list of those suspected to be part of a hacker group that their suspicions were confirmed: Smith was a North Korean operative.
/jlne.ws/4iNNFKH
Japan to cooperate with Singapore on undersea cables, cybersecurity
Kiu Sugano - Nikkei Asia
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| Cryptocurrencies | | Top stories for cryptocurrencies | Franklin Templeton Backs Bitcoin DeFi Push, Citing 'New Utility' for Investors
Omkar Godbole - CoinDesk
As the Dubai Token2049 conference concludes, one key takeaway is that the narrative around bitcoin (BTC) is swiftly expanding beyond its traditional role as a store of value to a potential DeFi asset competing with Ethereum and Solana. Prominent industry players like Franklin Templeton view this development as a positive step, confident it will enhance bitcoin's utility without diluting its core appeal as a store of value as purists or maximalists fear.
/jlne.ws/43dgBak
Crypto industry descends on Dubai as Trump euphoria recedes
Reuters
Crypto enthusiasts descended on Dubai on Wednesday, gathering under the Gulf's scorching sun and hoping the industry's buoyant mood can keep going despite signs the euphoria around Donald Trump's crypto stance is ebbing. Speakers at the two-day event in the desert city include chief executives at some of the world's major crypto firms, the head of digital assets at BlackRock and Goldman Sachs, as well as the U.S. president's son, Eric Trump, who is set to take the stage on Thursday.
/jlne.ws/4k5ARR5
CME Group Crypto Derivatives Volume Soars 129% in April With ETH Leading the Charge
Francisco Rodrigues - CoinDesk
CME Group's cryptocurrency derivatives market posted a steep increase in trading activity in April, reaching a new average daily volume (ADV) of 183,000 contracts worth $8.9 billion in notional terms, the firm reported. That marks a 129% jump compared to the same month last year, suggesting growing institutional interest in crypto markets.
/jlne.ws/42WYXpZ
Father of crypto entrepreneur rescued from kidnappers after having finger severed
Caroline Baum - CNN
French police rescued the father of a cryptocurrency entrepreneur from his kidnappers Saturday night, but found he'd had one of his fingers severed - the latest in a spate of abductions tied to cryptocurrency. The victim, who has not been publicly identified, was forced into a van by four men wearing ski masks on a street of Paris Thursday morning. He was held hostage in an Airbnb 12 miles south of the French capital for two days before being rescued.
/jlne.ws/4d9ig4m
Tower Research Ramps Up Crypto Bets Amid Market Rebound
Anto Antony and Suvashree Ghosh - Bloomberg
A little-known team within high-speed trading giant Tower Research Capital is quietly bulking up its bets on cryptocurrencies, as institutional players regain their appetite for digital assets following President Donald Trump's embrace of the industry. Limestone Trading, one of Tower's internal quant trading groups, has increased capital allocation to its crypto trading book, people familiar with the matter said. The US firm has also upgraded its infrastructure for a bigger role in market making on global crypto exchanges, the people added, asking not to be identified discussing private information.
/jlne.ws/4m0JuOz
Arizona Governor Calls Crypto an 'Untested Investment,' Vetoes Bitcoin Reserve Bill
Francisco Rodrigues - CoinDesk
Arizona will not be investing in bitcoin (BTC), at least not this yearGovernor Katie Hobbs vetoed a bill on Friday that would have allowed the state to hold the digital asset as part of its official reserves.
/jlne.ws/4jCIm1P
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| Politics | | An overview of politics as it relates to the financial markets | Trump Says 'I Don't Know' When Asked if He Must Uphold the Constitution; The president also questioned whether noncitizens are entitled to due process as his deportation efforts stoke conflict with federal courts
Jess Bravin - The Wall Street Journal
President Trump said he was uncertain whether he was duty bound to uphold the Constitution, saying in a television interview aired Sunday that was a question better posed to his lawyers. Trump was asked whether noncitizens are entitled to due process, which the Fifth Amendment requires before any person within the U.S. may "be deprived of life, liberty, or property." "I don't know. I'm not, I'm not a lawyer. I don't know," Trump told interviewer Kristen Welker on NBC News program "Meet the Press." While the Fifth Amendment "might say that," Trump said compliance would require "a million or two million or three million trials" before undesirable immigrants could be removed.
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US lawmakers urge SEC to delist Alibaba and Chinese companies, FT reports
Reuters
Two Republican lawmakers have urged the U.S. Securities and Exchange Commission to delist Chinese companies, including Alibaba Group, that they say have military links that put U.S. national security at risk, the Financial Times reported on Friday. The chair of the House China committee, John Moolenaar, and the chair of the Senate committee on ageing, Rick Scott, wrote to SEC chair Paul Atkins to take action against 25 Chinese groups, listed on U.S. exchanges, FT said. "These entities benefit from American investor capital while advancing the strategic objectives of the Chinese Communist party . . . supporting military modernisation and gross human rights violations," they said in the letter, according to FT. "They also pose an unacceptable risk to American investors." The companies also include search engine Baidu, online retail platform JD.com and the popular social media platform Weibo. The lawmakers said that the Chinese companies were "ultimately harnessed for nefarious state purposes," no matter how commercial they appeared on the surface, according to the FT report.
/jlne.ws/3GC0GJP
Trump turns to Supreme Court in bid to allow DOGE access to Social Security data
John Kruzel - Reuters
President Donald Trump's administration asked the U.S. Supreme Court on Friday to intervene in its bid to allow the Elon Musk-spearheaded Department of Government Efficiency unfettered access to the U.S. Social Security Administration data of millions of Americans. The Justice Department asked the justices to put on hold a federal judge's order that halted the agency from giving DOGE access after finding the data-sharing arrangement likely violated a federal privacy law.
/jlne.ws/3GPjgOI
Defending Jan. 6 Rioters, Investigating Democrats: How Ed Martin Is Weaponizing the DOJ for Trump; As interim U.S. attorney in D.C., Martin has fired career prosecutors, dropped Capitol riot cases and launched sweeping probes into Trump's political enemies.
Andy Kroll and Jeremy Kohler - ProPublica
When President Donald Trump chose Ed Martin, the Missouri lawyer and political operative, to be the top U.S. attorney for Washington, D.C., the decision came as a shock to current and former federal prosecutors as well as outside legal experts. Martin had no prosecutorial experience. He was best known as a conservative activist, the former right-hand man to influential anti-feminist icon Phyllis Schlafly and a loyal Trump surrogate.
/jlne.ws/4jCqkNd
Judge strikes down 'unprecedented' Trump order targeting Perkins Coie law firm; U.S. District Judge Beryl Howell, who called the executive order an attack on the American judicial system, said Trump's directive "violates the Constitution and is thus null and void."
Ryan J. Reilly - NBC News
A federal judge on Friday struck down President Donald Trump's executive order targeting the law firm Perkins Coie in a blistering opinion calling the president's efforts "an unprecedented attack" on the U.S. judicial system. U.S. District Judge Beryl Howell, an Obama appointee, issued a permanent injunction barring the enforcement of any part of Trump's order from March, which focused on the firm's representation of 2016 Democratic presidential nominee Hillary Clinton and its work with billionaire donor George Soros.
/jlne.ws/4j6ydK1
White House brings conspiracy theorists, former Trump officials and a family friend to its 'influencer briefings'; A review of attendees to the first three influencer briefings shows an overwhelmingly right-leaning guest list.
Ben Goggin - NBC News
White House press secretary Karoline Leavitt tried something new on Monday. Instead of just addressing credentialed journalists in the storied White House briefing room, she held a separate "influencer briefing" for 10 people. "Tens of millions of Americans are now turning to social media and independent media outlets to consume their news, and we are embracing that change, not ignoring it," she said during her seven-minute introductory remarks. "All journalists, outlets and voices have a seat at the table now, and you being here today for this briefing proves that." But as the new briefings continued through the week, it became clear that a very specific group was being given the special access.
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The new White House influencer briefings are a terrible look; These propaganda dissemination sessions are more suited to Pyongyang
Jemima Kelly - Financial Times
"I'm kind of a nerd when it comes to reporting...I'm the policy-type nerd," said a woman to White House press secretary Karoline Leavitt at a briefing on Monday, before asking, in notably policy-nerdish fashion, "So what direction do you advise me to go into?" It would have been a strange question for a reporter - whose job it is to hold power to account, rather than ask power how to propagate its message - to put to Leavitt at a press briefing, but this was no reporter. It was Kambree Nelson, a "grassroots activist turned social media influencer" and ambassador for the esteemed "American First Policy Institute", with more than 600,000 followers on X. A woman who got most upset last year after she stopped being able to see the moon in the sky. "Why is everyone silent about this?" she posted on X. "They are quiet about the white sun, too" (a reference to a conspiracy theory that argues the sun has changed colour in recent years).
/jlne.ws/4lYFVIu
Trump Administration Live Updates: President Pressed for U.S. Troops to Fight Cartels in Mexico
The New York Times
Where Things Stand
Troops in Mexico: President Trump confirmed that he had pressed President Claudia Sheinbaum of Mexico to allow U.S. troops to travel across the southern border to help fight drug cartels. Ms. Sheinbaum rejected the suggestion, and recalled telling Mr. Trump that the two countries can collaborate, but "with you in your territory and us in ours."
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Japan's era of political instability is just getting started; Ishiba struggles to escape scandal and inflation as upper house elections draw near
Tobias Harris - Nikkei Asia (opinion)
Tobias Harris is the founder of Japan Foresight LLC. He is the author of "The Iconoclast: Shinzo Abe and the New Japan."
Japan's Golden Week holidays have afforded Prime Minister Shigeru Ishiba and his government an opportunity to step back from the domestic fray and devote their energies to bolstering Japan's international partnerships amid global turbulence. But with the holidays coming to a close, he now faces a sprint to the upper house elections in July that will determine the fate of his premiership.
/jlne.ws/3GETPzj
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Announces Agenda, Panelists for Roundtable on Tokenization Plus Date Change for Roundtable on DeFi
SEC
The Securities and Exchange Commission's Crypto Task Force has announced the agenda and panelists for its May 12 roundtable, "Tokenization - Moving Assets Onchain: Where TradFi and DeFi Meet."
/jlne.ws/4iLVEYw
SEC Announces Dismissal of Civil Enforcement Action Against Ian Balina
SEC
On May 1, 2025, the Securities and Exchange Commission filed a joint stipulation with Ian Balina to dismiss, with prejudice, the Commission's ongoing civil enforcement action against him.
/jlne.ws/3RMBKBZ
SEC Charges Three Texans with Defrauding Investors in $91 Million Ponzi Scheme
SEC
On April 29, 2025, the Securities and Exchange Commission charged Dallas-Fort Worth residents Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner for operating a Ponzi scheme that raised at least $91 million from more than 200 investors.
/jlne.ws/3Z0yMh0
ASIC launches new portal for Australian financial services licensees
ASIC
ASIC has unveiled a new digital portal to allow applicants to apply for an Australian financial services (AFS) licence. The new portal, integrated into the ASIC Regulatory Portal, is designed to provide a more efficient, modern and user-friendly experience for AFS licence applicants. It will streamline the way AFS licensees submit applications and make notifications to ASIC.
/jlne.ws/3RS8iuh
Securities Industry Council Consults on Amendments to Singapore Code on Take-Overs and Mergers
MAS
The Securities Industry Council (the Council) today issued a consultation paper on proposed amendments to the Singapore Code on Take-overs and Mergers (the Code).
/jlne.ws/3RMCB5F
Joint Statement of the 28th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting
MAS
/jlne.ws/4m0OT8j
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Traders Draw Down LME Copper Stocks as Chinese Market Tightens
Jack Farchy and Alfred Cang - Bloomberg
Traders including Trafigura Group and Mercuria Energy Group Ltd. are drawing down stocks of copper on the London Metal Exchange, as strong Chinese buying tightens the market for the bellwether metal despite fears of recession. Trafigura was behind a major part of the just over 20,000 tons requested for withdrawal on Friday, according to people familiar with the matter who asked not to be named as the information isn't public. The orders cut available inventories of copper on the LME in Asia to the lowest in a year.
/jlne.ws/44Uji1O
Your Money-Market Fund Is Ripping You Off; If you're taking comfort in cash these days, don't feel too complacent. Your broker may be charging an arm and a leg for the privilege.
Jason Zweig - The Wall Street Journal
Cash is king. If only you didn't have to pay a king's ransom to hold it. Ever since President Trump's tariff bombshells went off on April 2, cash has reasserted itself as a valuable shelter for investors. Money-market mutual funds-the most convenient form of cash for most investors-have stayed stable while providing steady income that has cushioned the damage in other markets. Yet money-market funds are surprisingly expensive, and a recent attempt to make them cheaper has been stymied. If you're like most investors, you probably pay close attention to your stock and bond funds, and little if any to your cash.
/jlne.ws/4m2vZ0M
Short Sellers Bet Against Private Credit Lenders
Kat Hidalgo and Neil Callanan - Bloomberg
Hedge funds are betting that trade wars, a shrinking economy and rising strain among borrowers will begin to hit private credit in the US. So far, the gamble's paying off. Short sellers have made about $1.7 billion on paper so far this year from wagers against seven of the biggest direct lenders, including Apollo Global Management Inc., Ares Management Corp. and Blue Owl Capital Inc., according to data compiled by S3 Partners LLC.
/jlne.ws/44Uc6Ti
Gold Fields to Buy Australia's Gold Road for Roughly $2.4 Billion; The deal has been agreed at a time of record-high gold prices
Rhiannon Hoyle - The Wall Street Journal
Gold Fields (South Africa) will acquire Gold Road Resources (Australia) for US$2.4 billion. Gold Road rejected Gold Fields' initial US$2.1 billion bid, deeming it opportunistic and undervaluing the company. Gold Road shareholders will receive A$3.40 a share, a 43% premium before the initial proposal.
/jlne.ws/4iNTyYj
Oil Tumbles After OPEC+ Agrees on Another Large Supply Hike; Traders fear the group's move could top the market into oversupply
Giulia Petroni - The Wall Street Journal
Oil prices slumped after the Organization of the Petroleum Exporting Countries and its allies agreed to a larger output hike for a second straight month despite weak prices and an uncertain demand outlook. Following a virtual meeting Saturday, eight OPEC+ countries said they will increase production by 411,000 barrels a day in June-the equivalent of three monthly increments-citing "healthy market fundamentals" reflected in low global oil inventories.
/jlne.ws/4d28kJL
As Iowa Farmers Plant, They Consider Rain, Rates, Tariffs and Trump; With high costs and low prices for their crops, soybean and corn farmers were already nervous as they planned for planting season this year. A big trade war isn't helping.
Julie Creswell - The New York Times
It was time for Beau Hanson to lay down his bets. Like other farmers in western Iowa, in early April Mr. Hanson was preparing for spring planting. The decisions he made then could determine whether he would be in the red or the black come fall harvest.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump's Gutting of US Climate Report Prompts Science Groups to Step Up; After the administration dismissed authors of the sixth National Climate Assessment, two science organizations said they'll offer a platform for the research.
Brian K Sullivan - Bloomberg
Two US science organizations are launching a new climate research initiative in the wake of the Trump administration dismissing expert authors of the National Climate Assessment. Described in a May 2 statement by the groups as a "first-of-its-kind special collection" of research on climate change in the US, the effort won't be able to replace the sweeping, congressionally mandated assessment, which was a year into its sixth iteration when its authors and staff were let go, said the American Geophysical Union and the American Meteorological Society. But they hope that it will help keep the work going.
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Shell is studying merits of BP deal as rival's stock slumps
Dinesh Nair, Vinicy Chan, William Mathis, Eyk Henning and Bloomberg
Shell Plc is working with advisers to evaluate a potential acquisition of BP Plc, though it's waiting for further stock and oil price declines before deciding whether to pursue a bid, according to people familiar with the matter.
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'Sitting ducks': the cities most vulnerable to climate disasters; Extreme weather means wildfires and flooding are becoming more likely, posing a risk to urban areas around the world
Attracta Mooney - Financial Times
Kostas Lagouvardos and his colleagues at the Penteli Observatory, which offers sweeping views of Athens, are what you would call experts on wildfires. They have spent decades researching the link between meteorological conditions and deadly infernos, as well as tackling the challenge of forecasting when and where the disasters might happen. But even they were caught off-guard by the wildfire that arrived at their door last August. "It was ironic," says Lagouvardos, research director at the Institute for Environmental Research and Sustainable Development at the National Observatory of Athens.
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Colombia's wind farms bring promise and pain for indigenous group
Catherine Ellis - BBC News
When Jose Luis Iguaran steps outside his home in La Guajira, northern Colombia, he is met with a line of 10 towering wind turbines stretching across the cactus-strewn terrain toward the Caribbean Sea. The Wayuu indigenous group, which Mr Iguarán belongs to, has lived on the arid peninsula region for centuries, herding goats, tending to crops, mining salt, and fishing. With some of Colombia's most powerful winds, La Guajira has now become the epicentre of the country's shift from fossil fuels to renewable energy.
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Trump cuts will lead to more deaths in disasters, expert warns: 'It is really scary'; Layoffs and funding cuts to Fema and Noaa will impact how they predict and respond to disasters, warns professor Samantha Montano
Nina Lakhani - The Guardian
The Trump administration's sweeping cuts to disaster management will cost lives in the US, with hollowed-out agencies unable to accurately predict, prepare for or respond to extreme weather events, earthquakes and pandemics, a leading expert has warned. Samantha Montano, professor of emergency management at Massachusetts Maritime Academy and author of Disasterology: Dispatches from the Frontlines of the Climate Crisis, said the death toll from disasters including hurricanes, tornadoes and water pollution will rise in the US unless Trump backtracks on mass layoffs and funding cuts to key agencies. That includes the Federal Emergency Management Agency (Fema), whose work relies heavily on the National Oceanic and Atmospheric Administration (Noaa), which is also being dismantled.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Merrill Lynch, Morgan Stanley, Wells Fargo And UBS Will Offer Bitcoin ETFs To Clients By Year-End, Bitwise CIO Says, Predicting Record Inflows
David Okoya - Benzinga
Bitwise CIO Matt Hougan has said major financial institutions will soon start soliciting Bitcoin ETF investments from their clients. Spot Bitcoin exchange-traded funds have been among the most successful ETF launches in history. But they have also been operating with a handicap.
/jlne.ws/4lX8Dtz
JPMorgan Chase axes startup-VC platform Capital Connect, but remains committed to innovation economy
Luisa Beltran - Fortune
JPMorgan Chase has shut down its fundraising platform Capital Connect more than two years after launching the unit, four people familiar with the situation said. The bank chose to discontinue the service late in 2024, and quietly pulled the plug on the Capital Connect website soon after.
/jlne.ws/44UWRtn
Hedge Fund Goes on Losing Streak After Locking In Investors; Investors unhappy with Armistice's 19% loss in March can't leave anytime soon
Peter Rudegeair - The Wall Street Journal
A highflying hedge fund blocked investors from leaving at the start of the year. It promptly went on a losing streak. Armistice Capital, a stock-picking firm that began 2025 with about $2 billion in assets under management, lost money in April for the third consecutive month, people familiar with the matter said. Investors unhappy with the performance can't leave anytime soon. Under new terms that went into effect Jan. 1, the firm locked up investors' money for all of 2025, The Wall Street Journal previously reported.
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CLO market shakes off ETF outflows; Despite record redemptions, exchange mechanics and relatively small volumes cushioned impact
Ben St. Clair - Risk.net
Record outflows from exchange-traded funds holding collateralised loan obligations (CLOs) had little impact on the underlying market during the tariff-induced volatility in April thanks to their relative size and the structure of redemptions, according to traders. Following $26 billion of inflows over the two years through February, the largest CLO-backed ETFs saw outflows totalling $1.6 billion in March and April.
/jlne.ws/44UbnS4
Pension funds hesitate over BoE's buy-side repo facility; Reduced leveraged and documentation 'faff' curb appetite for central bank's gilt liquidity lifeline
Rebekah Tunstead - Risk.net
UK pension funds are taking a cautious approach to the Bank of England's emergency repo facility for non-bank financial institutions, on concerns the benefits may not justify the onboarding upheaval. The UK central bank opened applications to its contingent non-bank financial institution repo facility (CNRF), aimed at tackling severe gilt market dysfunction, on January 28.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | UnitedHealth Now Has 1,000 AI Use Cases, Including in Claims; But artificial intelligence on its own will never deny a claim, assures the insurer's chief digital and technology officer
Isabelle Bousquette - The Wall Street Journal
UnitedHealth Group said it now has a thousand artificial-intelligence applications in production, leaning into a technology that's dragged it and other insurers into controversy over how claims are processed. The AI applications span across UnitedHealth's insurance, health delivery and pharmacy units, transcribing conversations from clinician visits, summarizing data, helping process claims and powering customer-facing chatbots. Some 20,000 of the company's engineers also use AI to write software.
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Bosses are making a major mistake that's fueling stress at work, the CEO of Calm warns
Alexa Mikhail - Fortune
Over three-fourths of employees face burnout. Less than a quarter of employees strongly believe their employer cares about their mental health. And 47% of employees believe the majority of their stress comes solely from the workplace, according to the American Institute of Stress.
/jlne.ws/4k3KcZw
For GenZers working in clean energy, DOGE's cuts mean finding creative career pivots
Catherine Boudreau - Business Insider
In just four months, Aaron Yang's young career in renewable energy had hit the highs and lows you might expect of a more seasoned worker. Yang, 22, graduated from New York University in December and landed a job at the Department of Energy in an office doling out grants to nascent clean technologies like hydrogen, advanced nuclear, and long-duration battery storage.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | You Can Drink Your Weed Now. What to Know About THC Beverages; The effects of THC drinks hit sooner than edibles but later than joints. They all have risks.
Sumathi Reddy - The Wall Street Journal
Walk into a beverage store in many states and there is a newer product jockeying for space with the beer, wine and hard liquor: Meet the cannabis drink. Yes, you can drink your weed now. And a growing wariness of the health effects of alcohol is driving more consumers to try these newfangled libations. The drinks typically contain THC. Others contain CBD, or a mix of the two. THC, or tetrahydrocannabinol, is the main psychoactive component of marijuana. It's what gives you a high. Cannabidiol, or CBD, is another cannabinoid, or component of the cannabis plant, but it doesn't produce a high.
/jlne.ws/3Yxaueq
Novo Nordisk Says FDA Accepted New Drug Application for Wegovy Pill; Company says that if the application is approved, Wegovy would become the first oral formulation of a GLP-1 drug for chronic weight management
Kelly Cloonan - The Wall Street Journal
Novo Nordisk said the Food and Drug Administration accepted its submission of a new drug application for a Wegovy pill to treat obesity amid a tense race to get an oral weight-loss medication on the market. The Bagsvaerd, Denmark, company said Friday that if the application is approved, Wegovy would become the first oral formulation of a GLP-1 drug for chronic weight management. The FDA's deadline to decide on the application will be in the fourth quarter, the company said.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Your Home Without China
Pablo Robles, Agnes Chang and Lazaro Gamio - The New York Times
Ever since China cemented itself as the world's factory floor decades ago, Americans have become increasingly reliant on Chinese-made goods in their everyday lives. Should President Trump's extraordinarily high new tariffs on Chinese products remain in effect, the added cost will likely get passed on to companies and ultimately consumers. While the Trump administration has expressed optimism about a deal to cut the tariffs, even lower ones could have far-reaching effects. But not everything will become more expensive. The production of some items has shifted to other countries, like Mexico and Vietnam, in recent years. And a few products are still widely made in America.
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China Resumes Spot LNG Purchases to Take Advantage of Price Drop
Stephen Stapczynski - Bloomberg
Chinese firms are purchasing liquefied natural gas shipments from the spot market, a reversal of months of relative inactivity from the world's top buyer, after prices slumped to the lowest level in about a year.At least two shipments were procured last week at the $10 per million British thermal units level, according to traders with knowledge of the matter. More buying may materialize this week if prices remain in this range, the traders added.
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Chinese Factories Slow in Early Sign of Trade War's Toll; A slowdown in commerce between the United States and China caused by escalating tariffs was evident in a report Wednesday on manufacturing activity in April.
Daisuke Wakabayashi - The New York Times
President Trump's tariffs are already taking a toll on China's factories. Three weeks into a trade war that pushed import tariffs on Chinese-made goods to 145 percent, an official report on manufacturing activity signaled that in April, Chinese factories experienced the sharpest monthly slowdown in more than a year. The report, a survey of industrial firms published on Wednesday by the National Bureau of Statistics, provides the first official indication of how the U.S. tariffs are affecting the Chinese economy. China has responded to the U.S. tariffs with 125 percent tariffs of its own on American goods.
/jlne.ws/3EEck6D
Hong Kong authority intervenes to check local currency's rise; HKMA sells HK$46.5bn to prevent strengthening beyond official peg
Reuters
Hong Kong's de-facto central bank said it sold 46.54 billion Hong Kong dollars ($6 billion) on Saturday to prevent the currency from strengthening beyond its official peg to the U.S. dollar, the first such intervention in more than four years. The Hong Kong dollar is pegged to a tight band between 7.75 and 7.85 per U.S. dollar.
/jlne.ws/44YI9BF
Japan walks back talk of US Treasury sale 'card' in trade negotiations; Tokyo won't use sell-off option as a bargaining chip, finance minister says
Yuka Furubayashi - Nikkei Asia
MILAN -- Japan has no intention of using the possibility of selling its U.S. government debt holdings for advantage in trade talks with Washington, Japanese Finance Minister Katsunobu Kato said Sunday. "We do not consider the sale of U.S. government bonds to be a tool in negotiations between Japan and the U.S.," Kato told reporters.
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